Name 3 countries that have benefited from the use of microcredit

Explanation:

“Indian policymakers created a perfect storm for a microfinance shipwreck … MFIs, locked out of the ability to provide a range of services, had no other channel for growth than unbridled credit expansion.”

“Tiny Bolivia got many things right … competition between … strong institutions brought interest rates in Bolivia below 20 percent, among the lowest microfinance rates in the world.”

“Cambodia and Mongolia followed Bolivia’s example. Acleda Bank in Cambodia and Xac Bank in Mongolia … added savings and other services, offering a solid range of products.”

“Indonesia showed what a state-owned bank can do … Bank Rakyat Indonesia now serves tens of millions of clients, has been profitable since it began, and has never experienced a significant crisis of over-lending.”

“The government’s nurturing approach led the Economist Intelligence Unit to rank the Philippines second in the world in its “Global microscope on the microfinance business environment 2010.”

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