AIG Pledges $5.25 Million to Microfinance Project Headed by Ex- President Clinton

September 25, 2006

The Clinton Global Initiative (CGI), which is headed by the ex-President, has received a pledge a $5.25 million from American International Group to help fund a three-year partnership with ACCION International. The money will help the organization “deliver financial services and literacy programs to three million entrepreneurial poor in 33 countries, dramatically expanding the reach and sustainability of microfinance in emerging markets,” said AIG’s bulletin.

The CGI meeting in New York City last week saw a record $7.3 billion in pledges from businesses and political leaders in attendance to fund private assistance. The foundation is tackling the world’s most intractable problems: global warming/climate change, health care services, poverty, and the religious and ethnic conflicts that have caused wars, murderous atrocities, and produced large refugee populations.

AIG said its “contribution will assist ACCION in developing a range of dynamic new initiatives and products to improve the quality, impact and reach of microfinance around the globe. ACCION innovations will extend from remittances and savings products to micro-insurance and housing loans, to include a range of products that meet the financial services needs of poor entrepreneurs, such as seamstresses, market vendors, bakers and weavers who work their way out of poverty through microfinance.”

The money will “include support for the ‘AIG Fund for Microfinance Innovation,’ run by ACCION; backing for ACCION financial literacy programs; and assistance with ACCION’s exploratory program work in China, where AIG was founded, in 1919.”

AIG wasn’t the only contributor to the Ex-President’s cause. British billionaire Sir Richard Branson made headlines with a $3 billion pledge to fight global warming.

Branson, who founded and runs numerous enterprises under the “Virgin” brand, said he would commit all the profits made by his travel enterprises, notably Virgin Atlantic and Virgin Trains, over the next 10 years to exploring ways to end the world’s over-dependence on fossil fuels by developing new sources of renewable energy.

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