Tuesday, April 16, 2024

Microfinance ‘is not all’

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MICROFINANCE IS IMPORTANT to entrepreneurial growth but it should not be seen as a magic potion for economic development.
This is according to Minister of Finance and Economic Affairs Chris Sinckler, who said “microfinance is a necessary but not sufficient condition for microenterprise promotion”.
“Whilst microfinance must not be viewed as a panacea for all economic development within developing countries, it must however be recognized as a key tool in entrepreneurial development,” he said yesterday during the opening session of the 15th Inter-American Forum on Microenterprise (FOROMIC)
Sinckler said what was required was an environment that would facilitate the commercialization of ideas, selection and motivation of microentrepreneurs, capacity building and institutional strengthening arrangements and the establishment of market linkages across the region and the world for goods and services

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