At the Global Microcredit Summit in Halifax, Canadian Foreign Affairs Minister Peter MacKay announced that Ottawa will give C$40 million ($35 million) to three Canadian non-governmental organizations to finance microcredit programs in developing countries. MacKay did not say if the money constitutes fresh funding. The Canadian International Development Agency allocates C$32 million ($28 million) to microfinance programs per year. It said the package falls in that classification.
Source: Ottawa backs microcredit loans with $40-million (The Globe and Mail)