International Business
From Times Staff and Wire Reports
World Bank to Set Up Micro Loans: The world’s biggest lender will donate $2 million for loans as small as $50 for the world’s poorest people, Lewis T. Preston, World Bank president, announced. The money will go into a fund to help set up “micro-level credit schemes” in several countries. The idea is to help people without money to pursue such occupations as street-corner vending, dressmaking or poultry keeping. Experience has shown that such borrowers have a better record of repayment than many countries that receive large loans.
