A few interesting news items have come through recently…
AIG Launches Multimillion Dollar Global Microfinance Innovation Program with Accion
Accion is a microfinance network - in some ways a peer to Grameen Foundation (my employer) - who’ve received a three year $5.25 million commitment from insurance giant AIG to expand Accion’s reach and programs. From the release: ‘AIG’s contribution will include support for the “AIG Fund for Microfinance Innovation,” run by ACCION; backing for ACCION financial literacy programs; and assistance with ACCION’s exploratory program work in China, where AIG was founded, in 1919.’
$50 million pledged to Opportunity International
OI is another microfinance network that just received a pledge of $50 million over the next ten years from former retail furniture entrepreneurs in Phoenix. There are a number of interesting things in this: it really raises the bar for microfinance donors, where the big donations where previously in the $5-6 million range (so says Alex in the article, anyway); it opens up the door for OI to make their $500 million commitment at the Clinton Global Initiative; and it makes me super curious to see how they use the money…
Jim Fruchterman of Benetech, Genius
Jim Fruchterman, founder of Benetech, was announced last week as one of the recipients of the so-called genius grants from the MacArthur Foundation. Benetech is a super interesting place - their Martus software has done wonders for the world of human rights - and is worth a post in its own right. I’m looking forward to seeing what Jim and the rest his crew do with the windfall… oh, and his blog is here.
