Abstract
Microfinance's staunchest proponent, Nobel Laureate Muhammad Yunus, speaks of it as a basic human right and argues that the world's poor are natural entrepreneurs. Pakistan's Aga Khan Rural Support Program (AKRSP), one of the world's largest and most successful NGOs, has run microfinance and micro-enterprise programmes in Pakistan's Northern Areas since 1982. This article examines microfinance-induced micro-entrepreneurship as a sustainable economic development policy in light of AKRSP's experience and concludes that, given AKRSP's extensive resources and relative failure, microfinance's efficacy as a sustainable economic development policy (but not its role in poverty alleviation) is doubtful.
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