Foreign Affairs Committee on March 14th, 2012
Evidence of meeting #27 for Foreign Affairs and International Development in the 41st Parliament, 1st Session. (The original version is on Parliament’s site, as are the minutes.) The winning word was microfinance.
A recording is available from Parliament.
On the agenda
MPs speaking
Also speaking
- Dale Patterson Member, Board of Directors, Opportunity International Canada
- Keith Weaver Member, Board of Directors, MicroEnsure LLC
- Larry Reed Director, Microcredit Summit Campaign
- Doris Olafsen Executive Vice-President, Opportunity International Canada
- Margaret Biggs President, Canadian International Development Agency
4 p.m.
NDP
4 p.m.
Director, Microcredit Summit Campaign
Yes, absolutely. I agree.
4 p.m.
Conservative
4 p.m.
Director, Microcredit Summit Campaign
The challenge is to find how microfinance can work better with other development interventions.
Keith spoke about health insurance; how can we provide financing for education, not to be a sector to itself, but rather a supportive element of the process of development? People in poverty face many constraints, and access to finance is only one of them.
4 p.m.
Conservative
March 14th, 2012 / 4 p.m.
Conservative
Dave Van Kesteren Chatham-Kent—Essex, ON
Thank you, Chair.
Thank you all for appearing before us.
You're all NGOs, so you are not-for-profit organizations, correct? I'm curious and I commend you for the work you've done. You talked about some of the problems you had. I'm going to suggest something. I don't know if we can get into a discussion about this, but the problem I can see with an NGO, as opposed to the private sector, is that really you want to get this money out there; that's great, that's wonderful, but there's a real push to get people to take advantage of these services. Am I right in saying that? That's really your objective. Your objective is to get out there, and so on.
I'm looking for the balance. We have a little expression in the House. We'll say, “He's mowing your grass.” Are you sometimes mowing the grass of...? We had, for instance, the Bank of Nova Scotia here, Scotiabank. It has some microfinance services as well. Do you cross over into the private sector sometimes? Is there a little bit of maybe a conflict there at times? Do you find that?
4:05 p.m.
Executive Vice-President, Opportunity International Canada
Conflict in...? Is competition what you're referring to?
4:05 p.m.
Conservative
4:05 p.m.
Executive Vice-President, Opportunity International Canada
I think we've recognized there's enough room for all of us in the sector because, Larry, you mentioned a percentage of how many entrepreneurial poor are actually being reached globally. We identify where we can best serve with our services in the countries where we can work.
I think there's enough room for many to be in a microfinance business. That's why I think accountability and transparency are critical. The metrics, the measurements, the intervention are true to the business mandate we have as a not-for-profit organization. Holistic transformation is our mandate, so we're very focused on not just delivering finances but delivering services as well.
4:05 p.m.
Conservative
Dave Van Kesteren Chatham-Kent—Essex, ON
Are your interest rate charges competitive with the private sector's?
4:05 p.m.
Executive Vice-President, Opportunity International Canada
Very much so.
4:05 p.m.
Conservative
4:05 p.m.
Director, Microcredit Summit Campaign
Yes.
4:05 p.m.
Conservative
4:05 p.m.
Director, Microcredit Summit Campaign
Chicago.