World Bank increases microfinance

Microfinance projects have often benefited women

The World Bank and Standard Chartered have joined up to boost microfinance projects in Asia and Africa.

Under the plan, the World Bank said it would invest $45m (£23.1m) to help Britain's Standard Chartered increase its microfinance portfolio.

Microfinance involves lending small amounts to usually poor people without collateral, whose needs are not met by traditional banking, often women.

Interest in microfinance has grown among large banks in recent years.

Other banks with established microfinance projects include ING and Citigroup.

The benefits of microfinance in helping the poor were highlighted when microfinance pioneer Muhammad Yunus won the Nobel peace prize in 2006.

Standard Chartered says it already provides backing for 48 microfinance firms in 15 nations in African and Asia, benefiting 1.2m people.