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***BREAKING NEWS: First Interest-free Bank Opens in Angola - Bill and Melinda Gates Foundation To Thank
Jaime Sloane with Evoke10 News here reporting live from The Philanthrocapital Bank in Luanda, the capital of the African nation Angola. This new type of bank that just opened here in Luanda is not your typical bank. Instead of fleecing customers on interest rates and bank fees, The Philanthrocapital Bank offers interest-free loans and fee-free banking solutions to local rural Angolans, and only rural Angolans. This bank is supported by an enormous grant from The Bill and Melinda Gates Foundation, and offers these free solutions as a way to spur the local, developing economy. The name is interesting in and of itself, as "Philanthrocapital" is short for philanthrocapitalism, a portmanteau of the words philanthropy and capitalism. The novel concept is to generate economic activity through benevolent and charitable origins. By subsidizing the local Angolan economy, The Bill and Melinda Gates Foundation hopes to give the rural population the jolt they need to eventually be a self-supporting economic entity. Only time will tell, but so far so good! Back to you, News Desk!