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New Zealand eyes micro-financing

The New Zealand Government has announced plans to form partnerships with non-governmental organisations and financial institutions to offer micro-finance to low-income families.The move, announced in the 2013 Budget by Social Development Minister Paula Bennett, is aimed at families who now pay triple-digit interest rates to unregulated loan sharks.Bennett said microfinance was well established in Australia and parts of the United States. "Officials will work with financial institutions and NGOs to identify options for government support," Bennett said, adding further decisions were expected by September.

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