Collaboration to Educate Families in Ethiopia, India and the Philippines to Save Money

Freedom from Hunger and the Grameen Foundation are teaming up to ensure that nearly 1.5 million microfinance clients earning less than $1.25/day can and will open savings accounts. Savings are vital in the lives of families who live on the margin of survival. Illness, loss of shelter, loss of assets or even the annual hungry season can force a family to turn to a moneylender who will trap them in debt and drive them deeper into poverty. Research studies show that Freedom from Hunger's learner-centered education, training and support helps very poor families save money. These funds are used not only to respond to emergencies but also to invest in microenterprises and even to achieve dreams such as sending children to secondary school.

In February 2010, Freedom from Hunger and the Grameen Foundation will begin work together as a part of the Microsavings Initiative funding by the Bill & Melinda Gates Foundation. Freedom from Hunger will provide both the curriculum and technical assistance needed by Grameen-supported partners to fully integrate savings education into their ongoing microfinance programs. The organizations are ACSI in Ethiopia, Cashpor in India, and CARD, Freedom from Hunger's longtime partner in the Philippines.

The education is based on curriculum already in use in Freedom from Hunger's Credit with Education program and has been proven to increase savings even among the poorest microfinance clients. The education helps microfinance clients know what opportunities they have to save for future needs.

This partnership with Grameen Foundation and three microfinance institutions in Africa and Asia reflects Freedom from Hunger's commitment to collaboration for learning and sharing what we learn with other organizations.

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About Freedom from Hunger
Founded in 1946, Freedom from Hunger brings innovative and sustainable self-help solutions to the fight against chronic hunger and poverty. Together with local partners, Freedom from Hunger equips families with resources they need to build futures of health, hope and dignity. The Davis, Calif.-based organization is helping more than 2.4 million women and benefiting a total of over 14 million people in 17 of the worlds poorest countries. For more information, please visit www.freedomfromhunger.org.