MICROFINANCE EVENT: Clinton Global Initiative (CGI) Fifth Annual Meeting September 22-25, 2009, New York City, U.S.

Event Name: Clinton Global Initiative (CGI) Fifth Annual Meeting

Event Date: September 22-25, 2009

Event Location: Sheraton New York Hotel and Towers, New York City, NY, U.S.

See Our Comprehensive Event Calendar Here: http://microfinanceassociation.ning.com/events

Cost: Not disclosed

Who Should Attend?

For a complete list of attendees, please visit: http://www.meetup.com/wearechange/calendar/11343476/.

Some individuals involved in microfinance attending the meeting are listed below:

Muhammad Yunus of the Grameen Bank. The Grameen Bank was established as a microfinance institution in 1976 by Professor Muhammad Yunus. For detailed MicroCapital coverage of the Grameen Bank, click here.

Luis Moreno, president of the Inter .Inter-American Development Bank (IDB). The IDB was established in 1959 to support the process of economic and social development in Latin America and the Caribbean. The IDB Group provides solutions to development challenges by partnering with governments, companies and civil society organizations, thus reaching its clients ranging from central governments to city authorities and businesses [1].

Zainab Salbi, founder and CEO of Women for Women International (WWI). WWI is a microlending organization established to serve women in Afghanistan, Bosnia and Herzegovina. The organization offers business services and training for women who wish to start their own micro-enterprises. Product design, production assistance, and business development workshops, are amongst the training tools used by WWI. Furthermore, the organization connects clients with outside retails and customers through their online Virtual Bazaar to help product sales [2].

Peter Sands, Group Chief Executive of Standard Chartered PLC. Standard Chartered is a publicly traded financial institution operating in 70+ countries. As of 2008, they provided USD 385 million of credit and in 14 countries throughout the Middle East, Asia and Africa. They have also worked towards asset securitization of their microfinance portfolio for resale to investors and so far successfully distributed USD 125 million to outside investors. Standard Chartered couples their microfinance activities with education programs promoting financial literacy amongst people who previously had no access to financial services [3].

Premal Shah, president of kiva.org. Kiva.org is an online microfinance brokerage that was established in 2005. For detailed MicroCapital coverage of this organizatin, please visit: https://www.microcapital.org/microcapital-story-tori-hogan%E2%80%99s-ninth-episode-entitled-%E2%80%9Cmicro-lending%E2%80%9D-of-the-ten-part-film-series-%E2%80%9Cbeyond-good-intentions%E2%80%9D-takes-a-critical-look-at-the-rea/.

Summary of Event:

GGI is introducing four new Action Areas this year, including the Financing a Sustainable Future program. Under this Action Area, participants will discuss and make “Commitments to Action” on impact investing in micro, small and medium enterprises, housing in developing countries, climate adaptations, and microinsurance [4].

Event Theme and Topics:

Four Action Areas

1) Harnessing Innovation for Development

Driving Disruptive Innovation from the Base of the Pyramid
Becoming Embedded: Co-Creating Business with the Community
Enterprise-Based Strategies for Health and Education

2) Strengthening Infrastructure

The Infrastructure of Human Dignity: Protecting the Most Vulnerable
Infrastructure of Recovery: Good Jobs and Smart Growth

3) Building Human Capital

Developing the 21st Century Workforce
Leadership and Solutions to End Human Trafficking and Forced Labor
Leadership and Jobs to Overcome Humanitarian Crisis

4) Financing an Equitable Future

Developing the 21st Century Workforce
Harnessing Financial Markets for the Global Good
Deepening Financial Inclusion to Reach the Underserved – the “Bottom Billion” and the “Missing Middle”
Crossing Borders between Public, Private, and Philanthropic Finance

The sessions will not only look at microfinance as an attractive investment, but will also look at finance opportunities in health, clean energy, housing, small and medium-sized enterprise, and microinsurance [5].

Background on Organizer:

The Clinton Global Initiative (CGI) was established in 2005 by former United States President Bill Clinton. Over the course of the organization’s previous four annual meetings, CGI members have made upwards of 1,400 commitments valued at USD 46 billion. Amongst these commitments is funding for more than 270 microfinance institutions. Clinton explains, “Even before the downturn, millions of people lacked access to basic financial services, such as bank accounts, that could help them keep more of the money they make.”

The Clinton Economic Opportunity Initiative (CEO) Financial Mainstream program has begun in the United States to help low- to moderate-income families and inidividuals access lower cost, safer financial services and develop good financial habits. CEO began in 2002 with the Harlem Small Business program, which provided local businesses with pro bono consulting services. CEO is funded through core Foundation operating funds. As of December 31, 2008 CGI reported total revenue of USD 234, 830, 000 [6].

Background on Founding Sponsor:

Tom Golisano is the founder of Paychex Inc. a payroll management tool, and founder of B. Thomas Golisano Foundation, an organization established in 1985 to provide opportunities for individuals with developmental disabilities and support for their families [7]. For more information on Mr. Golisano, please visit: http://www.golisanofoundation.org/tomGolisano.html.

Strategic Partners:

Bill & Melinda Gates Foundation

Proctor & Gamble

Grupo Abc

Laureate International Universities

Victor Pinchuk Foundation

Shangri-La Industries

Location Information:

Sheraton New York Hotel and Towers

811 7TH AVENUE 53RD STREET
New York, NY 10019

By: Diya Chopra, Research Associate

Bibliography: