For Immediate Release
Office of the Press Secretary
June 9, 2004
Eradicating Poverty Fact Sheet
Fact Sheet: Applying the Power of Entrepreneurship to the Eradication of Poverty
President Bush secured G-8 Leaders' agreement on an innovative action plan to apply the power of entrepreneurship and the private sector to the challenge of poverty alleviation.
Private Sector-Led Development: President Bush's development policies, such as the Millennium Challenge Account initiative, emphasize promoting economic freedom and entrepreneurship as key drivers of job creation and poverty reduction. A recent U.N. report, "Unleashing Entrepreneurship: Making Business Work for the Poor," highlights the private sector's role as "the source of growth, jobs, and opportunities for the poor."
G-8 Action: President Bush led the G-8 today in committing to a U.S.-driven action plan on "Applying the Power of Entrepreneurship to the Eradication of Poverty." Specifically, the G-8 agreed to:
For example, under the U.S. - Mexico Partnership for Prosperity, the U.S. reduced remittance costs by 56%, putting more money in the hands of recipient families.
The U.S. will expand its already robust microfinance program, which is currently active in 58 countries, reaching over 5 million clients worldwide with total combined loans of more than $2.5 billion. For example, the U.S. is working in Egypt with nine partner institutions to develop lending programs that have extended more than 1.3 million loans from 1990-2003, creating more than 300,000 jobs. Forty percent of borrowers are women.
The U.S. will help organize a conference this fall to outline strategies for private sector growth and share best practices.
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