AIGames -sdgoal 1 who's done most to end poverty with finance? - eg financial literacy finance most populous bank designed by pro-poor foundation partners ...; tech is best chance to end poverty but where's AI Banking and eg green finance

Monday, August 30, 2021

soros Fund


9:05 AM - In Conversation With Dawn Fitzpatrick

·         Dawn Fitzpatrick, CEO and Chief Investment Officer, Soros Fund Management, LLC

·         Moderator: Erik Schatzker, Editor-at-Large, Bloomberg


Good morning here in New York City. I am Eric S editor at large with Bloomberg, television, and delighted to present to you here at Bloomberg invest Global Dawn Fitzpatrick. She is the chief executive officer and the chief investment officer at Soros fund management. The first person to hold, both of those titles at Soros.

Is what on Earth to do about China, there's been this dramatic shift in domestic policy and regulation right for the private sector with seemingly, huge implications for investors who have made so much money on the backs of billionaires like Jack ma for example, and then mean time, the United States is trying to squeeze, you know, the Chinese by cutting off, supplies of critical semiconductors in software.


is China, a buy or sell.


China is incredibly interesting at this moment, at this moment in time. So if you think about where they are, they had residential investment depending on if you count, just first order, first, and second and third, order, something around ten to twenty nine, percent of GDP, but they have a shrinking population. So that is definitively unsustainable growth.


So if you think about what xi is trying to do, he's trying to rebalance his economy. And by the way, in a way that I don't think you, or I would argue is not smart. ... he's tried to do some of the same things that people here would like to do, but you'd find incredibly difficult because it's so politically divisive.


But I think that, what It's caught, kind of Western investors by. Surprise is kind of a step function fashion. He's doing it in and and the economic damage. He's willing to tolerate to get from here to there and you know as an investor, I think one of one of the things is, you know, based on what's happened. The past couple of months. It's pretty clear, you know, every Chinese company is viewed to be a state-owned Enterprise to one degree or another. Other thing I think from an investment perspective, that's really interesting. And that's gotten a lot of attention from chairman Gensler and others is the vi e or shell company structure of Chinese companies that are listed here.And, you know, I think that those companies will largely have to delist. And by the way, for a lot of them, there's a mechanism for them to just port to Hong Kong.


But you know, for 20 years. Chinese tech companies, having Western capital and a western vested interest in their success very much suited China's goals.


They don't need that anymore. So they can take their seven hundred billion dollars and and take it back on Shore and to Hong Kong and I think that's what they're going to do. So when it comes to the u.s. Chinese listens listings, if I were investors, I'd be really careful here. What about earlier stage Investments Chinese? capital, for example, So again, I think it's going to be a while before those have an Avenue to go public. There's some really big names that might go public near-term in Hong Kong to make a point, but I think overall that path from private to public in China is just going to take longer and valuations. I think are, you know, permanently at lower multiples because of, you know, because of We estate tax and and, and state utility. That sounds to me, Don like, potentially a big problem for firms, like, Sequoia, for example, or tiger Global that have done so well investing in early-stage Chinese Enterprises and then, you know, riding their evolution to the public markets.

 Well right now, but, you know, my guess is there's a lot of debates going on and they're boardrooms about how aggressively to invest going forward. The other thing I would say about the asset management industry overall, is that they're a little bit economically. Compromised China has invested a lot of money in Western asset managers. So it's hard for them to take to hardest dance. When it comes to forward Investments. Are you allocating to China, or away from China.


I would say we are not putting money into China, right now. Now, I mentioned Sequoia and tiger Global. Those firms are emblematic, in a way of the shift of money that we've seen out of public markets and into private markets from liquids into a liquids. Now, Soros fund management plays both sides of that equation.


Given the extraordinary returns. We've seen endowments, right? Endowments are not know. For producing 50 60 and 70 percent annual returns. And yet, that's what we've seen, because of the allocation. They have to some of these fast-growing private Market Investments. Are the implications of that. So, I think, I think this is, this is an incredible moment in time to your point. We 2013, there were 39 unicorns today. We have eight hundred and forty some odd unicorns.


You've seen obviously companies stay private longer coming into this year and then all of a sudden you had the fed, you know, go extraordinarily low with rates and what happens then is effectively your high growth stocks. The discount rate is close to zero. Valuations, go through the roof.


So you had this enormous pool of private companies that now have decided to come public at an opportune moment in time.


And to your point. It's driven just He's extraordinary returns, but it's also going to create an asset. Allocation problem to a degree for these big endowments. First of all, you saw kind of public market funds start to go into private markets, you know, last couple years now all the sudden because of this IPO activity private fund allocations, have a large amount of capital that's effectively in public markets.


And what happens then is they're going to crowd out. Is like, squeezing a balloon, if the typical endowment, they say, they're 60/40, but they're actually probably 75, you know, 25 or something like that in reality, but now, given these markups that has gone even further. So, you know, call it 90/10 and maybe it's 9030 because their degree of Leverage in there.


What's going to happen is they're going to have to redeem from their traditional public managers that have netted. Closure, so your long only' and your hedge funds with 60, 40s are going to be under pressure. Because when those asset allocator sit around a table, the private Equity guys a the returns look better, both on an absolute and kind of value, add perspective.


And if you if you don't allocate to the next fund, you lose your spot in line and everyone lives in fear of that right now, given given the returns they produce. So I think there's going to be some really interesting. Resting conversations around those investment committee, tables of those endowments and net-net.


I think, active managers in public markets, will get squeezed.


The people who won't get squeezed, are the big multi strategies that run low net. So I know you interviewed Ken Griffin yesterday. He'll do just fine. He actually might be a winner out of this. What are you doing? Are you have a choice to make you unlike an endowment? You know, don't feel the same. On a pressure to chase those beautiful historic returns, right? You can be more dynamic in your allocations.


Are you putting more money into private markets to feel comfortable with your public market exposure? And what vehicles, you know, do you prefer direct drive hedge fund? Private Equity Venture Capital? What appeals to you? Yeah. So we've been running more and more money internally in public markets, you know, we feel like there are some advantages we can play too and when we look at private markets, one of the things we've been doing. Doing more and more is trying to have Partnerships with those corporates where we can be solution across our Capital stack.


So we're not just providing Equity. We might provide a warehouse, we might provide a line of credit or straight and I think being able to provide kind of that spectrum of Solutions in aggregate.


You get better access and you become kind of a more valued partner now, You're going to face the decision at some point in the not-too-distant future because one of your probably best I'd have to imagine private Investments is the stake that Soros fund management has been driven by the EV maker or EV pickup truck maker or truck. Make a let's say back by Amazon also backed. By you that's going to go public perhaps an evaluation of 80 billion dollars.


Are you a long-term holder? You're going to crystallize some of those gains. Can we did I think my compliance people might yell at me for for talking about this, but you know where we think that is a great company and you know candidly we hope they come public at a little bit cheaper than that because we want, you know, there to be a long term, you know, the value play there. You want other people to fall in love with her being. Yeah.


You know, and one thing I haven't asked, again just emphasizing sort of the freedom and the dynamism that you can put to work at Soros, is whether the recent, you know, we're approaching correction territory for US Stocks whether that has, whether you felt inclined looking at where valuations were the dial up, your cash allocation, or whether that's something that feels more appropriate now, so we have been building back up our cash, allocation, you know.


Last time you and I talked, you know, we back in March of 2020, we quickly put about five billion dollars to work and over the past 18 months. We've been building back up that cash buffer. So where we sit today, you know, if we had next Crisis, we could put another five billion to work pretty in pretty short order pretty large. That's close to 20%, right? Yeah, we use leverage. So again, because we own a lot of The public Securities directly. We have the ability to borrow against those Securities.


So we have, we have degrees of freedom. I think the typical endowment and Foundation doesn't have. And again, that's we try to use that to our advantage. Every chance we get, you know, in terms of where we are in the cycle. We are definitively late cycle, but one of the best trades this year, has been selling Vol and it's Because money there's not a lot of places to go in regime like we're in now where, as I mentioned, rates are very negative in real terms, corporate spreads are really tight.


So, you know, I think you still want to own equities. I think you can take a little, a little profits off the table. And as I said, build up liquidity, so you know, that that if we do get kind of a misstep, you have room to lean. I also think it matters where you are. So if you look at the Hang Seng on the industry on the year, it's down, you know, thirteen percent, while the S&P is up 14%, So dispersion across countries and across sectors is enormous.


Dawn we have about 30 seconds to go. I'll take this opportunity to ask you for one or two of your highest conviction bets. So I think recovery stocks are still too cheap really and they should be bought here. Why?


How's that possible? Given the given, what we've seen transpire the last 18 months. So if you look at and this goes back in part to the productivity issue, these companies have learned to do things better. And I think when you look at the US consumer, they are flush with cash and they want experience, not Goods.


It's always great to have you here, Dawn. Good morning. Good morning. Thanks for having me, Eric. Don. I'd like to start our conversation by talking about inflation. Europe is having a proper energy crisis. And so is China. For those who haven't noticed oil is at a seven-year High us natural, gas prices have more than doubled. Year-to-date Industrial Metals are ripping at the fastest rate in more than a decade. Is this really a transitory phenomenon.?

Dawn-  So first of all, I think on the energy side, it's largely a political phenomenon, I think Russia had a vested interest in natural gas prices being high in the context of Nord stream  approval and in the context of China.


I think their decision around Australian coal, what they choose to say, not to buy any more not to buy any more to put them in the Penalty Box. You know, what they fail to realize there is even though the majority of their coal is domestically produced things turn on the margin. So So while both of those, I think are Geo political causes.


I think the interesting thing is when you look forward, High Energy prices are high fossil fuel prices it is not necessarily a bug of ESG, but it's a fun story.


 it's by design that you will promote transition to cleaner energy with higher fossil fuel fuel prices. So while not the cause here, I think when we look forward this is going to be the new Norm where you see spike in Energy prices and it's something. I think we have to get used to 

your question on on inflation...You know, I think we've all been surprised at kind of how long this feels. Like it's going to last now and the other. The other interesting thing is, you know, a lot of this is supply-side inflation.

And it's not clear that monetary tools, really You'll well with supply-side inflation, and I think the risks are that this can become self reinforcing. And, and, and again, that's something that we're relatively focused on. So, to the degree, that you try to predict in the positions, that you take, what the FED is or isn't going to do, if we are talking about supply-side inflation and monetary tools as many Central Bankers, including most recently, Andrew Bailey of the bank of England 

. They just they're built for the demand side of the equation.


What do you think the FED will do? So I think the FED is lucky because the US consumer is in a good place and employment feels like it's really heading in the right direction.So, you know, I do think we'll get the tapering announcement at the next meeting and I think what was interesting is the speed of tapering obviously it was it caught the market a little bit by surprise and that they said they'd be done potentially with tapering and First half of the year.


So I think the FED I think the market like that the FED is maybe going to be less far behind but and and by the way, if you watched gold in the September, it was down 5%.So I think, you know, the fear of the debasing of the US dollar has receded to to a degree.


Also, by the way, the IMF just came out with kind of Reserve currency balances. And the US dollar has stopped losing ground yet Bitcoins at 50,000. Yep, big boys at 50,000. So I think that's the really interesting thing is that you know, I'm not sure if Bitcoin is only viewed as an inflation hedge here. I think it's you know, it's cross the chasm to mainstream.


It's you know, cryptocurrencies now have a market cap of over two trillion dollars.


There's 200 million million users around the world. I'm sorry. I think this has gone mainstream from our perspective. Again more than the we own some coins, but more than the not a lot and the coins themselves are less interesting than the use cases defy and things like that. Let's go back to inflation for a moment to the degree that you think it's going to last longer than people initially expected, what sides of that trade are you playing? Are you playing sort of the classic, you know, treasury side of the trade?


Oddities or commodity volatility or stocks? You know that that potentially face margin pressure. So we've been long, some Commodities and we are short government bonds. Not just in the u.s. Again, real rates are really negative right here. And and I think it's a reasonably safe bet that rates are going to go higher. I think the one counter to that and something that's worth watching and I think checked the rate move. Last time is Bank deposits.


Going higher and there is just an enormous level. So the amount of bonds Banks need to buy on the other side of those deposits is enormous and that will be a little bit counter check, you know, any material move, higher and rates and it's something that's worth watching and you might want to trade trade, the ranges here.


What if we're heading into A stagflation, every period. I'd it's a word that people in the market are using more and more and more and not for me to say whether we are or whether we aren't. But is there a stagflation are E-Trade?


Yeah, so so again, I would hope that we're not heading into stagflation area in from a human interest standpoint. But to your point, it's definitely. It's gone from like not being a word that that's common in our industry to being front and center. I think the one counter to that though is coming into covid.


One of the things that we were really struggling with was productivity and while right now, you see, kind of Age growth Trend, clearly kind of firmly in place and I think wages are going to continue to have upward pressure. The offset to that is potentially productivity where you're really starting to see some sustained gains.


And I think that is ultimately going to be the counterbalance and really, really important to avoid stagflation. The other thing people keep talking about in addition to inflation and stagflation, of course. 

Sunday, August 15, 2021

finance for the poorest -europes greatest heroines and heroes include

 nominations welcome rsvp


marie nowak

martin hirsch

emanuel faber - first job mother theresas; most recet job ceo danone- leader of the 2005 brainstorm session with muhsmmad yunus from which global social business movements out of france moved the world- co-partner in global social business hec professor faivre tavignot

 spain 2013

nazrul chowdhury

Nazrul I. Chowdhury, advisor to the Official Credit Institute (ICO) and international expert in microcredits, has presented the first thesis within the doctoral program of Development Cooperation of the Interuniversity Institute of Local Development (IIDL) of the Universitat Jaume I. The Research work "Guiding principles of microcredits", directed by the professor of Economics of the UJI, Ana María Fuertes, was awarded with outstanding cum laude by the court.he explained a pilot program that he has launched five years ago with the ICO to make it known in Spain. It is about offering microcredits in four cities (Seville, Huelva, Pamplona and Barcelona), and thus being able to compare results.

The court has been made up of Juan Velarde Fuertes, professor of Applied Economics at the Complutense University of Madrid; José María Jordán Galduf, professor of Applied Economics at the University of Valencia and professor of the Master in Development Cooperation, and Miguel Ginés Vilar, professor of Economics at the Jaume I University.

collage review of microfinance during coronavirus 2021


Under this Call, the Commission’ DG REGIO seeks expressions of interest from managing authorities (MAs) and intermediate bodies (IBs) of Regional Development Fund (ERDF) and Cohesion Fund (CF) programmes wishing to take advantage of expertise support to explore a closer cooperation with citizens … Loan and interest payments must still be repaid in due course. Microfinance sector battles coronavirus pandemic to grow 17% year-on-year. A joint survey conducted in July of 108 MFIs worldwide by renowned microfinance institutions ADA (Autonomous Development Support) and Grameen Crédit Agricole Foundation, alongside microfinance-focused investment manager Inpulse, meanwhile, found that the biggest institutions (Tier 1 in the below chart) … The e-commerce and IT sectors in the country grew as businesses and trade suffered due to the coronavirus restrictions and lockdowns. 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The European Fund for Southeast Europe (EFSE), a microfinance investment vehicle domiciled in Luxembourg, recently agreed to loan EUR 2 million (USD 2.4 million) to Banca Transilvania (BT) Leasing MD, a Moldovan entity controlled by Romania’s BT, to finance micro- and small enterprises (MSEs) that need capital as a result of the economic impacts ofContinue reading → According to a World Bank estimate, 71 million people could be pushed into poverty as a result of COVID-19. Housed at the World Bank, CGAP is supported by over 30 leading development organizations committed to making financial services meet the needs … Kindly note that this is a deferral of repayments only. Blog Entry | 24 May 2021. Over 80 percent of microfinance borrowers in the study (n=428) reported a decline in household incomes or business revenues. /Public Release. Under the current restrictions in place against the coronavirus it is likely to be a reality for millions of poor entrepreneurs this year. 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I will first briefly introduce the characteristics of the coronavirus disease 2019 (COVID-19) and the epidemic it is … In our introductory blog post, we introduced the members of this coalition and highlighted their capabilities to reach the lowest income countries using both traditional approaches and digital channels. support during the Coronavirus outbreak. Explore over 8,000 publications, trainings, events, jobs and announcements which have been curated by our editors and submitted by a wide range of organizations from around the world. COVID-19 second wave impact: Microfinance collections fall up to 20% in April-May, says industry body The average ticket size of loans in Q4FY21 for banks was Rs … — Reuters/File ... Mobilink Microfinance Bank, on Monday. Updated Daily: Help for Nonprofits During the Coronavirus and Uncertain Economic Times. 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They are less likely to have access to quality, affordable health care and … Akande said during the period under review, 2,359 cooperative societies were revalidated, 247 new registrations were accepted, while the state mediated in 410 cases involving cooperative societies. FinDev Gateway hosts the largest, free collection of online resources on microfinance and financial inclusion. ACEP, as the lender is known, is a microfinance company that gives small loans to help businesses grow. We find that the pandemic-induced impact decreases the financial efficiency of MFIs; however, the social efficiency of MFIs is increased under the impact of COVID-19. Can Cash Transfers to Digital Wallets Be a Lifeline During the Pandemic? Telenor Microfinance Bank Enters 2021 with Renewed Commitment for a Digital Pakistan. NBFC-MFIs contributed 32% to the total market size, microfinance industry association Sa … KWFT as a responsible corporate citizen, commits to take proactive measure to prioritize safety and well-being of our staff, customers and the general public during this crisis of the Coronavirus Disease (COVID-19) which is a global pandemic that has disrupted personal and business activities. Finance News: Get latest Banking news, Reserve Bank of India news, FIIs, NBFC, Insurance news, SEBI news, Public and Private sector bank news, NBFCs and gold lending news at Business Standard. Published on: Center for Financial Inclusion. Published on: The Good Feed. Pre-provision operating profit jumped 83% at Rs 329 crore from Rs 180 crore. 15 April 2020. It started in Senegal in 1989, before expanding to Madagascar, Cameroon, Burkina Faso and Nigeria. LankaBangla Finance Limited, one of the leading NBFIs in Bangladesh, received a loan of USD15 million from BlueOrchard Microfinance Fund managed by a Switzerland based impact fund manager BlueOrchard Finance Limited. Economic inequality is the unequal distribution of income and opportunity between different groups in society. Switzerland and France are leading the way. Coronavirus: Governments must step in to help small business; Can issues with onboarding new borrowers limit micro-finance success? measures by the Government to contain the spread of coronavirus. It is the poor and near-poor in developing countries who are the most vulnerable to these impacts. COVID-19 represents crisis for microfinance in low-income communities. MSC developed a series of conversational comic books for microfinance institutions (MFIs) to inform their frontline staff members on safety measures during the COVID-19 pandemic. During the Global Business Outlook Awards in May, 2021 U Microfinance Bank Ltd. (U Bank) was awarded Fastest Growing Microfinance Bank … COVID-19 (Coronavirus): ADB's Response. MD's Message. She shares lessons learned during the process, which could be useful in helping MFIs navigate future crises. Going beyond microfinance During my time at Grameen Bank, I saw how most traditional microfinance borrowers were women yet very few could graduate beyond the microloan to grow a sizeable business. Finairo Microfinance Solution assists microfinance institutions to implement a robust technology platform for better automation, security and reporting.Our solution is built on latest technology frameworks to meet the need of MFIs for deployment in remote offline locations and maintain a centralized server to ensures due monitoring & reporting, that can span across countries/regions. Abstract. Through BRI Microfinance Outlook 2021, BRI has led its role in MSMEs. 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The combined micro credit portfolio of all lenders stood at Rs 2,47,839 crore at the end of FY21 with banks accounting for 44% of the market. - refers to the implementation of temporary Enhanced Community Quarantine measures imposing stringent limitations on movement and transportation of people, Kolkata: The lockdown to contain the spread of coronavirus has put the microfinance sector on the edge. A prime-time panel of experts is having a spirited debate about an exit strategy—how to ease coronavirus restrictions, find a way out of the pandemic, and revive the battered economy. We’ve gathered stories and how-to advice from the Chronicle and sorted them into collections to help you find the information you need to respond to the coronavirus and its impact on your workers, volunteers, fundraising — and finances. ... 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Microfinance institutions (MFIs) have been relatively less hurt by the second wave of the coronavirus disease (Covid-19) outbreak, but haven’t been spared entirely either. A 15 year old teenager that is set to save earth COVID-19 - refers to the Coronavirus Disease 2019 which is caused by the virus known as the severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). Low-income families and small businesses are acutely vulnerable to the health and economic impact of a global pandemic. In the past five years, the pool of small borrowers has almost doubled, to 58 million, according to Microfinance Institutions Network, or MFIN. Hamsini Karthik | Mumbai Last Updated at April 15, 2020 00:47 IST. Krif Ghana Limited hosts 5th webinar on effects of coronavirus on microfinance industry. TAIN-L'HERMITAGE: A bystander slapped French President Emmanuel Macron across the face during a trip to southeast France on Tuesday on the second stop of a nation-wide tour. 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(Bloomberg Markets) -- In February 2020, unaware the coronavirus pandemic was about to wipe out her livelihood, Arpita Das borrowed $2,300 to buy materials and equipment for her family fishing business in West Bengal, India. Spain confirms full support to UNRWA during CG official visit ... relief and social services, camp infrastructure and improvement, protection and microfinance. According to World Bank, 70 percent of the world’s poor are women. Categories Coronavirus, Finance Tags coronavirus, data, digitalization, financial inclusion, MFIs, microfinance… Pakistan’s largest digital bank, Mobilink Microfinance Bank Limited (MMBL), has posted strong financial results during the first quarter of 2021, as showcased by its quarterly financial statements. 24/Mar/2020. The chairman of the Cambodian Microfinance Association (CMA), Kea Borann, rejected claims of predatory lending and said that no land had been seized by any of its 90 members during the coronavirus pandemic. Pakistan’s largest digital bank, Mobilink Microfinance Bank Limited (MMBL), has posted strong financial results during the first quarter of 2021, as … In response to uncertainties due to the coronavirus pandemic, we're taking steps to provide you with some peace of mind. ... Supply Chain Finance, and Microfinance Programs. Government aid for small business during Corona. To continue our zero interest microfinance initiative for single moms in Liberia; especially during this coronavirus period that has affected their small business, your support is highly needed. Total income grew 51% year-on-year at Rs 726 crore with net interest income rising 59% at Rs 464 crore. Clients may be able to defer repayments for 3 months or longer, subject to review. Ireland is expanding an existing direct lending program to help small businesses deal with declining revenues during the coronavirus crisis. Commenting on April-May 2021 period, the rating agency said collections for MFIs and small finance banks (SFBs) have declined 3-5 per cent in April 2021 and additional 5-7 per cent in the … The total number of coronavirus-related deaths in Britain now stands at 127,710. Appetite amongst Ireland’s smallest firms for State-backed loans began reverting to normal levels in 2021 after record borrowing last year to cope with the impact of Covid-19. Millions of Defaults Threaten Microfinance's Future in India. The CISA Insights: Risk Management for Novel Coronavirus (COVID-19) provides executives a tool to help them think through physical, supply chain, and cybersecurity issues that may arise … Bank Alfalah Islamic isone of the leading promoters of the government backed “Mera Pakistan MeraGhar” low cost housing finance scheme since its inception. What do Chickens have to do with Microfinance? The microfinance institution (MFI) is an important component of this. Whole Planet Foundation continues to monitor the situation with our partners and is proud to support microfinance partners who are focused on serving the poor during uncertain and challenging times. Your donations or contributions are milestones to this effort. "The event is indeed really good. It includes information on the amounts of the packages announced by ADB members during 2020 to combat the effects of COVID-19. The coronavirus-driven labour crisis across much of the developing world, therefore, risks a second crisis, with food insecurity combined with threats from creditors. ACEP helps very small businesses stay alive. The message from Cambodia’s central bank and financial executives is that all is well on the financial front. For his part, Azzam stressed the importance of bringing all stakeholders together to cooperate and help push the microfinance sector forward, especially during the novel coronavirus … Review of data for the period of mid-March 2020 to mid-July 2020 shows that microfinance institutions have severely been hit by the lockdown measures. It is a concern in almost all countries around the world and often people are trapped in poverty with … 6. The coronavirus pandemic is projected to have a large and detrimental impact on small and medium-sized enterprises (SMEs). These comics have been customized for different geographies. The COVID-19 pandemic has created significant challenges across the globe but particularly for developing countries. For microfinance lenders, covid-19 is an existential threat. On March 6, 2020 CISA released an alert reminding individuals to remain vigilant for scams related to Coronavirus Disease 2019 (COVID-19). Microfinance Coalition, Test of a Lifetime: COVID-19 and Financial Inclusion. Image: Facebook. Coronavirus: Governments must step in to help small business; Can issues with onboarding new borrowers limit micro-finance success? During the coronavirus pandemic, financial inclusion is more critical than ever. Vocational Training is Making a Difference for Adama
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Wednesday, August 4, 2021

 Unlike El Salvador’s nightmarish foray into crypto, Bhutan’s doing the whole blockchain thing right. The hydroelectric-powered nation teamed up with San Francisco-based Ripple to create a paperless version of its national currency, ngultrum. The pilot includes an open-source ledger that claims to be carbon-neutral and 120,000 times more efficient than proof-of-work blockchains.