Economics Microfinance Questions
The role of microfinance in promoting sustainable development is to provide financial services, such as small loans, savings accounts, and insurance, to low-income individuals and communities. By giving them access to financial resources, microfinance helps empower individuals to start or expand their own businesses, generate income, and improve their living standards. This, in turn, contributes to economic growth, poverty reduction, and overall sustainable development. Additionally, microfinance institutions often prioritize social and environmental sustainability by promoting responsible lending practices, supporting environmentally friendly businesses, and providing financial education and training to their clients.