Mark Field MP
Mark Field, Member of Parliament for the City of London and Westminster, described Arcubus in a debate in the House of Commons today as a ‘phenomenally important way’ to help people in the City understand microfinance. Download the relevant extract from Hansard.
He argued that microfinance could be an effective supplement to more traditional patterns of aid since it was more sustainable and encouraged entrepreneurism and independence. Annette Brooke MP, chair of the All-Party Group on Microfinance, spoke of the positive impacts of microfinance on education and long-term growth, and Gareth Thomas MP, Minister of State for International Development, noted that fewer than 1 in 5 people in Africa had access to formal banking services and the government was keen to encourage greater outreach and depth of microfinance services.