Microcredit

A Chapter 11 vocabulary term in action!

http://af.reuters.com/article/investingNews/idAFJOE6B20AO20101203

12/3/10 Current Event

Economy

The Nigerian government created a $500 million account to give loans to small and medium sized businesses. The fund is managed by Nigeria's Bank of Industry (BOI) and is expected to generate hundreds of jobs and business in the state. The state needs to be careful though because inflation had been in record highs in the past few years. Nevertheless, getting the credit moving in the country would be extremely beneficial for the continent as a whole, for Nigeria has the second largest economy in Africa.

Like the U.S., we see dozens of states across the globe installing massive economic initiatives. Everyone is working to counter the horrible economic recession facing the globe, and with what consequence?.... nobody knows.

(Not sure where Nigeria got the $500 billion by the way.. hmm)