MICROCAPITAL BRIEF: Obama Attends Sixth Annual Meeting of Clinton Global Initiative (CGI), Microfinance Initiative by Pakistan’s Kashf Foundation Announced

On September 21, 2010, US President Barack Obama and 64 current and former heads of state attended the opening of the sixth annual meeting of the Clinton Global Initiative (CGI), a forum on international development founded in 2005 by former US President Bill Clinton.

This event features a number of panel discussions focused on issues such as education, healthcare and energy. It brings together leaders from across sectors of society to identify solutions to the world’s problems.

Among the commitments unveiled during the meeting, it was announced that Kashf Foundation, a microfinance institution (MFI) based in Pakistan, would launch a fund for the rehabilitation of 10 communities affected by the recent flood with a particular focus on women. The fund would provide cash grants and microfinance services to the communities and will support the construction of clean water infrastructure and schools.

According to the Microfinance Information Exchange (MIX), the microfinance information clearinghouse, as of December 31, 2008, Kashf Foundation had a gross loan portfolio of USD 44.2 million, 313,512 active borrowers, 154 branches, total assets of USD 63 million, a return on assets (ROA) of -16.71 percent and return on equity (ROE) of -59.33 percent.

About the Clinton Global Initiative (CGI):
The Clinton Global Initiative was founded in 2005 by former US President Bill Clinton. Through the organization, member individuals or organizations can introduce new initiatives or “Commitments to Action” to meet the needs of the developing world. These commitments reportedly amount to USD 63 billion as of September 2010. It hosts its annual meeting each September.

About the Kashf Foundation:
Kashf Foundation is a microfinance institution (MFI) in Pakistan. It began in 1996 as a research program that focused on the demand for microfinance services by poor women. Savings services are available through Kashf Microfinance Bank, which the Foundation established in 2008. According to the Microfinance Information Exchange (MIX), the microfinance information clearinghouse, as of December 31, 2008, Kashf Foundation had a gross loan portfolio of USD 44.2 million, 313,512 active borrowers, 154 branches, total assets of USD 63 million, a return on assets (ROA) of -16.71 percent and return on equity (ROE) of -59.33 percent.

By Trevor Kwong, Research Assistant

Sources and Additional Resources:
[1] Source: Clinton Global Initiative: President Bill Clinton Opens Sixth Annual Meeting of the Clinton Global Initiative
http://press.clintonglobalinitiative.org/index.php?s=43&item=88

[2] MicroCapital Universe: Kashf Foundation:
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Kashf+Foundation

[3] MicroCapital: PRESS RELEASE: United States: Exxon Mobil, Goldman Sachs, Pro Mujer, Women for Women Commit to Giving Microfinance, Business Training to Women at Clinton Global Initiative Meeting
https://www.microcapital.org/press-release-united-states-exxon-mobil-goldman-sachs-pro-mujer-women-for-women-commit-to-giving-microfinance-business-training-to-women-at-clinton-global-initiative-meeting/

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