Microfinanced land-grabs and abuses in Cambodia are no surprise

One day people may wonder how anyone thought that lending money at high interest rates would empower the poor. Yet since the 1980s, the small, high-interest loans that were initially known as microcredit, have been a staple of global development agencies’ toolkits. The non-profit microfinance sector commercialised and became today’s global financial inclusion industry, which specialises in channelling the money of the have-much’s to the have-not’s. For having the idea, in 2006, Muhammad Yunus, the founder of Bangladesh’s Grameen Bank, won the Nobel Peace Prize – the only banker to have ever done so.

In full: https://www.ids.ac.uk/opinions/microfinanced-land-grabs-and-abuses-in-cambodia-are-no-surprise/

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