New principles to help poorMarch 2011
A group of 40 investors has produced a set of principles to help improve access to financial services among the world’s poorest people.
The Principles for Investors in Inclusive Finance, compiled by organizations such as APG, Calvert, Troidos Investment Management and the US pension fund TIAA-CREF, as well as the United Nations Principles for Responsible Investment (PRI), commit signatories to protecting the interests of low-income households and small businesses.
Signatories also pledge to support and invest in financial services institutions offering responsible microfinance, to promote the principles in the market and among peer networks, and ultimately to ‘create a culture where adherence to the principles is the norm’.
James Gifford, executive director of PRI, of which the new principles now form a part, said they were ‘an important first step to mainstreaming microfinance in a way that safeguards all stakeholder interests.’
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