An old English proverb warns against the futility of aid – “give a man a fish and you feed him for a day” – and praises the virtues of microcredit – “teach a man to fish and you feed him for a lifetime.” But despite microcredit’s good intentions, it is unable to generate the kind of large-scale trickle-down economics required to lift masses of Africans out of poverty. Entrepreneur Sangu Delle refutes the notion that microcredit is the answer to Africa’s prayers. In this provocative, contrarian presentation, he concludes that “macrocredit” is the only viable solution. Though he doesn’t discuss corruption or Africa’s weak institutions and governance, getAbstract recommends Delle’s refreshing ideas to disenchanted aid workers seeking a better way and to venture capitalists in pursuit of new business opportunities.
In this summary, you will learn
- How poverty-reduction programs have evolved in Africa,
- Why microcredit won’t generate large-scale prosperity in Africa and
- Why macrocredit offers a more promising solution to poverty.
About the Speaker
Entrepreneur Sangu Delle founded Golden Palm Investments, a venture capital firm that extends financing to ambitious African start-ups in high-growth industries.