TIAA-CREF, a financial service provider, announced the creation of the Global Microfinance Investment Program (GMIP). TIAA-CREF elaborates, GMIP is part of TIAA-CREFs recently formed Social and Community Investing Department, which develops new socially oriented products, oversees the screening methodology of social screened funds, formulates policies around key social issues and manages community investment programs. GMIP is expected to invest $100 million over the next four years in a range of investment structures, asset classes and risk levels through MFIs.
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