Cambodia’s Micro-credit Trap – www.asiasentinel.com, May 23, 2011
…In 2005 he was presented with an opportunity to borrow US$500 from Credit Microfinance Institution, a firm established by the Christian charity World Relief US in 1993, to set up a small food stall in Trapaing Krasaing commune where crowds of garment workers pass on their way to work. His decision that day to take the money would stay with him for years.
Since then, borrowing more and more from private lenders to pay back microlenders, he has fallen into a complicated web of debt now so severe that he is considering selling his house and about 50 square meters of land, together worth around US$6,000…
- From 2011: Red Shirt pursuers at the mercy of new government
- Before Thaksin: Remembering the Checks and Balances of the 1997 Charter
- Dangerous Voting
- It’s a charade
- America first… World last
- Some bombers don’t go to jail
- The outrageous denial
- Police stealing the work of the gods
- Who controls the pipe bomber?
- Abhisit for leader!
- More on police buying their promtions