Connie Morella: “Mr. Chairman, directly aiding the poorest of the poor, especially women in the developing world, has a positive effect…”

“Mr. Chairman, directly aiding the poorest of the poor, especially women in the developing world, has a positive effect not only on family incomes but on child nutrition, health, and education. As women in particular reinvest income in their families, the poor in the developing world, particularly women, turn to self-employment in order to generate a substantial portion of their livelihood. In Africa over 80 percent of employment is generated in this informal sector of the self-employed poor. These poor entrepreneurs are often trapped in poverty because they cannot obtain credit at a reasonable rate to build their asset base or expand their otherwise viable self-employment activities. We know from experience that microcredit financing helps, that the poor are able to expand their incomes and their businesses dramatically when they can access loans at reasonable interest rates. Through the development of self-sustaining microfinance programs, poor people themselves can lead the fight against hunger and poverty. It also develops confidence, dignity and self-sufficiency.”