The global Microfinance body set up by World Bank
Washington DC-based Consultative Group to Assist the Poorâ€™ (CGAP), has elected Mr. Vijay Mahajan, Founder and Chairman of the BASIX Group as Chairman of its Executive Committee. This announcement was made at the CGAP board meeting that was held in Nairobi last month. This is for the first time in its history that CGAP has elected a person from a developing country to chair its executive committee. The Executive Committee functions as CGAP’s board and executive governing body. It has principal oversight of CGAP’s activities and is responsible for providing strategic guidance to the Operational Team, and approving the workplan and budget on behalf of the CG.
Set up by the World Bank, 33 donor countries and seven Foundations, CGAP is a microfinance body, and an independent policy & research center dedicated to advancing financial access for the world’s poor. It is supported by over 30 development agencies and private foundations who share a common mission to alleviate poverty. Housed at the World Bank, CGAP provides market intelligence, promotes standards, develops innovative solutions and offers advisory services to governments, microfinance providers, donors, and investors.