Michael & Susan Dell Foundation Joins CGAP
May 30, 2006
Washington DC - The Consultative Group to Assist the Poor today announced that the Michael & Susan Dell Foundation (MSDF) will join its membership.
"Our relationship with the Dell family foundation is a natural one since we share the vision of building sustainable financial services for the poor on a large scale," said Elizabeth Littlefield, CEO of CGAP. "MSDF's efforts in India are particularly in line with work within the private financial sector and our desire to support innovation."
The private foundation joins CGAP's 32 other members that include government development agencies, international financial institutions and private foundations.
The Michael & Susan Dell Foundation focuses on improving the outcomes for children around the world living in urban poverty. Because of the proven social impact of microfinance, the foundation hopes to bolster growth-oriented urban microfinance institutions that have the potential to reach millions of un-served urban poor. The centerpiece of MSDF's initial efforts in microfinance is to help catalyze the development of the urban microfinance market by providing risk capital to start-up microfinance organizations in India's six largest cities, which account for more than 18 million urban slum dwellers with little to no access to formal financial services.
"MSDF supports programs that improve the quality of life for underserved children in key areas of the world, and we view urban microfinance as a way to help families in India develop the economic security to provide for and to educate their children," said Janet Mountain, executive director of the Michael & Susan Dell Foundation. "The Indian Microfinance sector is characterized by rapid growth and innovation, and we believe the foundation's membership in CGAP will accelerate our microfinance initiative within and beyond India with the benefit of the lessons learned by and the expertise of CGAP," continued Caitlin Baron, the director of the foundation's microfinance initiative.
The Michael & Susan Dell Foundation (www.msdf.org) was established in 1999 by the Dell family to improve the outcomes for children living in urban poverty. Based in Austin, Texas, the Foundation funds programs that foster and improve education, health and safety for children around the world. With an endowment of more than $1 billion, the Foundation has committed, to date, more than $270 million for children's issues in the United States and globally.
CGAP is a resource center for the entire microfinance industry. Housed at the World Bank, CGAP sets standards for microfinance; offers technical and advisory services, training, and information on best practices; and funds innovative projects. Its members are committed to building inclusive financial systems that work for the poor.
For more information on CGAP and its work, please visit www.cgap.org. To arrange an interview with CGAP microfinance experts, please contact Jeanette Thomas at jthomas1@worldbank.org. For more information on MSDF, go to www.msdf.org or contact Renee Austin at raustin@webershandwick.com.
May 30, 2006
Washington DC - The Consultative Group to Assist the Poor today announced that the Michael & Susan Dell Foundation (MSDF) will join its membership.
"Our relationship with the Dell family foundation is a natural one since we share the vision of building sustainable financial services for the poor on a large scale," said Elizabeth Littlefield, CEO of CGAP. "MSDF's efforts in India are particularly in line with work within the private financial sector and our desire to support innovation."
The private foundation joins CGAP's 32 other members that include government development agencies, international financial institutions and private foundations.
The Michael & Susan Dell Foundation focuses on improving the outcomes for children around the world living in urban poverty. Because of the proven social impact of microfinance, the foundation hopes to bolster growth-oriented urban microfinance institutions that have the potential to reach millions of un-served urban poor. The centerpiece of MSDF's initial efforts in microfinance is to help catalyze the development of the urban microfinance market by providing risk capital to start-up microfinance organizations in India's six largest cities, which account for more than 18 million urban slum dwellers with little to no access to formal financial services.
"MSDF supports programs that improve the quality of life for underserved children in key areas of the world, and we view urban microfinance as a way to help families in India develop the economic security to provide for and to educate their children," said Janet Mountain, executive director of the Michael & Susan Dell Foundation. "The Indian Microfinance sector is characterized by rapid growth and innovation, and we believe the foundation's membership in CGAP will accelerate our microfinance initiative within and beyond India with the benefit of the lessons learned by and the expertise of CGAP," continued Caitlin Baron, the director of the foundation's microfinance initiative.
The Michael & Susan Dell Foundation (www.msdf.org) was established in 1999 by the Dell family to improve the outcomes for children living in urban poverty. Based in Austin, Texas, the Foundation funds programs that foster and improve education, health and safety for children around the world. With an endowment of more than $1 billion, the Foundation has committed, to date, more than $270 million for children's issues in the United States and globally.
CGAP is a resource center for the entire microfinance industry. Housed at the World Bank, CGAP sets standards for microfinance; offers technical and advisory services, training, and information on best practices; and funds innovative projects. Its members are committed to building inclusive financial systems that work for the poor.
For more information on CGAP and its work, please visit www.cgap.org. To arrange an interview with CGAP microfinance experts, please contact Jeanette Thomas at jthomas1@worldbank.org. For more information on MSDF, go to www.msdf.org or contact Renee Austin at raustin@webershandwick.com.