Gordon Brown has met with Nobel Prize winner Muhammad Yunus, father of microfinance and founder of the Grameen Bank last week.
The Prime Minister said:
"With foreign investment into microfinance across the globe tripling to $4 billion between 2004 and 2006, and through the work of organisations like the Grameen Trust which reaches over 4.7 million families through 141 partners in 38 countries, the impact of microfinance is being felt all over the world. There is an urgent need to improve business and management skills in the microfinance industry in Africa to make sure this money is used to help people from the world's poorest communities."
"As a first step the UK Government will provide £500,000, towards bridging the skills gap in the microfinance industry in Africa, which will be more than matched by the private sector. We will bring together civil society organisations, and the private sector to contribute the funding, knowledge and skills required to bring microfinance to those who need it most."