A microfinance fund that will deal with co-operatives and credit unions, rather than going through local banks, has been set up by two of Europe’s largest banks. The $50million (£31m) Global Co-operative Development Fund, launched by the Co-operative Bank and Deutsche Bank, will provide capital directly to financial institutions for the poor in Latin America, central Europe and Asia. Deutsche will run the fund, while the Co-op will be its principal sponsor.
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