Micro finance: the new-old topic
SUBMITTED BY KARIM DIAAELDIN ON FRI, 04/05/2013 - 14:57.
I believe that poverty- like injustice- both are killers of ambition. This was exactly what I saw and felt in people's eyes, and what I concluded during my political participation in my country Egypt, I saw it all over during my visits to the small villages in different Egyptians governorates. With this conclusion and determination always in mind, I started thinking it is the right time to start focusing on the micro-economy and small projects. Especially when we look to the Arab spring countries hardly you can know which economic system they follow, they are a mix between capitalism, socialism and Islamic system since long time back. Mixing between the different economic systems is not bad but when it is based on a strong basis and at least has a clear identity.
I believe that Egypt needs a good system for its poor people to help them overcoming the poverty and improving their income, what I mean is that: after some studies I did on some of the poor and unemployed people; I found that all they need to start their own business is a small capital without strict guarantees. Another problem facing them is the high interest rate which makes them stuck with poverty and almost all of those small projects eventually shut down.
Banks and governments didn't understand that the problem is those people working only to pay the installments and the interests to the banks only and they don’t make any thing to themselves. So they become poorer and poorer and some of them face the jail punishment.
I believe the solution is in the partnership in the small and micro businesses, by creating the tools and finance systems to participate in establishing a very small (Macro) business with poor and unemployed people. The initiative should target those who possess feasible ideas for business but can’t find the capital to start.
I believe that Egypt needs a good system for its poor people to help them overcoming the poverty and improving their income, what I mean is that: after some studies I did on some of the poor and unemployed people; I found that all they need to start their own business is a small capital without strict guarantees. Another problem facing them is the high interest rate which makes them stuck with poverty and almost all of those small projects eventually shut down.
Banks and governments didn't understand that the problem is those people working only to pay the installments and the interests to the banks only and they don’t make any thing to themselves. So they become poorer and poorer and some of them face the jail punishment.
I believe the solution is in the partnership in the small and micro businesses, by creating the tools and finance systems to participate in establishing a very small (Macro) business with poor and unemployed people. The initiative should target those who possess feasible ideas for business but can’t find the capital to start.
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