Essay: Growth of Financial Institutions

19 Aug

Essay: Growth of Financial Institutions

The growth of financial institutions as well as that of the microcredit bodies is attributed to the efforts of global institutions which offer support through the MDGs. With the objective of eradicating poverty through collaborative efforts and global partnerships, these bodies work hand in hand with organizations like the World Bank and the international monetary fund to find sustainable solutions (UN, 2005).

This global partnership has proven useful in assisting in the achievement of MDGs’ first goal of reduction of the number of people living in poverty by half. Africa’s MDG goal has cited microcredit bodies as sustainable tools that have effectively provided poverty eradication tools and given knowledge on sound investment options to Africans. Another major challenge in the achievement of goals, are political-economic drivers of poverty like corruption, weak civil societies, resources equity and human rights issues.

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