Microenterprises on average only employ a few people, but they create job opportunities where very few exist. One individual we supported was Jassim, a young Iraqi entrepreneur who was the sole supporter of his three younger siblings.
During the past two years of the financial crisis, the World Bank has been a global player. The challenge now is to connect global and country actions, harness innovation across a broad front, and promote a development path that is more sustainable.
I recently returned from a whirlwind trip to South Africa, where I spoke about microlending, financial independence, and women's empowerment to more than 1,000 women during meetings held in Johannesburg, Durban and Cape Town.
Many financial institutions are hopelessly insolvent, holding mountains of toxic waste that will never be worth anything. So why are we implementing policies that simply maintain a credit-based economy?