MicroPlace Adds India to Roster of Microfinance Investment Opportunities.For the First Time, Individuals Can Invest in India's Working Poor and Earn a Return on Their Investment SAN JOSE San Jose, city, United States San Jose (sănəzā`, săn hōzā`), city (1990 pop. 782,248), seat of Santa Clara co., W central Calif.; founded 1777, inc. 1850. , Calif. -- MicroPlace (www.MicroPlace.com), a wholly-owned subsidiary of eBay Inc., today announced that it now offers investment opportunities in India through Oikocredit, the world's largest private financier of the microfinance sector. For the first time, everyday people can make investments in India's working poor by leveraging the power of microfinance, and earn a return on their investment. "In India, there are more than 300 million poor people who work hard every day to make ends meet. With small loans, they can lift themselves from poverty with dignity," said MicroPlace Founder Tracey Turner. "Oikocredit is a highly respected global microfinance organization, and we are thrilled to offer an India investment from such a trusted industry leader." According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the World Bank, nearly 30 percent of people in India live below the national poverty line1. In addition, 70 percent of the rural poor do not have a bank account and 87 percent have no access to credit from a formal source(2). With the addition of BISWA BISWA Bharat Integrated Social Welfare Agency (India) (Bharat Integrated Social Welfare Agency), an Indian microfinance institution, Oikocredit adds to its ever-growing list of investments on MicroPlace. Considered an innovative pioneer in the field of microfinance, Oikocredit (www.oikocredit.org) has taken a leading role in expanding the range of investment opportunities on MicroPlace. A global cooperative financial institution, Oikocredit offers loans, capital and technical support to more than 600 microfinance institutions, cooperatives and small and medium sized enterprises in developing countries around the world. "Because of the capital we can raise through MicroPlace, Oikocredit has the potential to reach millions of the working poor in India. BISWA operates in the most impoverished regions of India, primarily in Orissa. Through this microfinance institution and our other microfinance partners in India, Oikocredit works to reach the poorest of the poor at the very bottom of the pyramid In economics, the bottom of the pyramid is the largest, but poorest socio-economic group. In global terms, this is the four billion people who live on less than $2 per day, typically in developing countries. ," said Survana Gandham, Oikocredit's regional manager in India. "Our continued relationship with MicroPlace makes it possible for Oikocredit to have a significant impact on the poverty crisis in India, one small loan at a time." About Oikocredit Launched by the World Council of Churches in 1975, Oikocredit is a worldwide, cooperative financial institution offering loans, capital and technical support to microfinance institutions and other enterprises focused on building opportunities for impoverished entrepreneurs without access to credit. Oikocredit attracts investment capital from individuals and organizations who invest in Oikocredit products such as shares and bonds. Oikocredit pays its shareholders a modest yearly return. About MicroPlace MicroPlace (www.microplace.com), founded in 2006, is an investment marketplace whose mission is to alleviate global poverty by enabling everyday people to invest in the world's working poor. As a broker-dealer registered with the SEC and a member of FINRA FINRA Financial Industry Regulatory Authority (formerly Securities Industry Regulatory Authority) (formerly NASD NASD See: National Association of Securities Dealers NASD See National Association of Securities Dealers (NASD). ), MicroPlace is currently the only broker-dealer specializing in microfinance securities for retail investors. MicroPlace is a wholly-owned subsidiary of eBay Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :EBAY). 1 Source: World Bank: India at a Glance, 9/07 2 Source: "Scaling-up Access to Finance For India's Rural Poor" by Priya Basu, Senior Economist in the Finance and Private Sector Development Unit, South Asia This article is about the geopolitical region in Asia. For geophysical treatments, see Indian subcontinent. South Asia, also known as Southern Asia Region of the World Bank and Pradeep Srivastava, Chief Economist The Chief Economist is a single position job class having primary responsibility for the development, coordination, and production of economic and financial analysis. It is distinguished from the other economist positions by the broader scope of responsibility encompassing the , NCAER NCAER National Council of Applied and Economic Research (India) , India. |
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