|Profiting from poverty|
|Written by IRIN News Agency|
|Thursday, 20 August 2009 15:01|
Benin is arguably one of Africa’s democratic bright spots and the country has been working hard on the quiet to relieve its people from crippling poverty. However institutions tasked to disburse a multi-million dollar micro-finance programme have turned out to be a major stumbling block: they are heavily corrupt, according to *IRIN.
Local NGOs sub-contracted by a multi-million-dollar microfinance programme are taking bribes from borrowers, according to the fund's directors.
Aboubacar Aboudou, the first director of the government-run ‘Micro-loans to the poorest’ programme, told IRIN a lack of oversight and the programme's rapid growth since its creation in February 2007 has left it open to ‘unscrupulous intermediaries’ hired to process loans. ‘ They quander funds and try to hide their crimes. It is immoral. They want to make the poor even poorer.’
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