November 24, 2005
Tufts U. to Use $100-Million Gift to Make Microloans in Developing Countries
Tufts University has received a $100-million gift, and plans to use the money in an unusual way: to make small loans throughout the developing world.
The strategy is designed not only to yield good returns, but also to spur economic growth in impoverished regions. The donation was made by Pierre Omidyar, a Tufts alumnus, and his wife, Pam. He is the co-founder and CEO of eBay, the online auction house.
Lawrence S. Bacow, president of Tufts, said the university would "help to
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