    [Public Papers of the Presidents of the United States: William J. Clinton (1998, Book I)]
    [March 24, 1998]
    [Pages 428-429]
    [From the U.S. Government Publishing Office www.gpo.gov]

    Remarks in a Meeting With Village Business Owners and an Exchange With
    Reporters in Wanyange, Uganda
    March 24, 1998

        The President. You know, one thing I did not say in my remarks I
    think I should point out here, just because of the press here, in
    explaining this to people--all these people who get these loans, they
    don't have balance sheets, most of them. They don't have an asset and
    liability sheet for which they could get a normal commercial loan. What
    they have is proven skills and a good reputation for being responsible.
        The repayment rate in this FINCA program and throughout all these
    programs across the world is 98 percent--98 percent of these loans are
    paid back on time. And that's why I say we do $2 million--I wish we were
    doing $100 million. I mean, I can't think of anything else where we have
    invested money that has a 98 percent success rate. It's a stunning
    thing, just because of this fine woman and people like her all around
    the world. It's an amazing thing.
        Good for you.
        We want to see your baby.
        Hillary Clinton. Will you bring
    your baby down?
        Janet Museveni. How old is he?
        Betty Namugosa. Two days.
        The President. My boy, Bill. Oh,
    he's beautiful. Look at all this hair. I was completely bald until I was
    2.
        Your fourth child? Thank you for doing this. Why did you name this
    child after me?

    [[Page 429]]

        Ms. Namugosa. I was expecting two things this month, the baby and
    the visit of the President. And I got both.
        The President. Look how beautiful he is. He just woke up. The
    smartest person here.

    President's Visit to Africa

        Q. Mr. Clinton, what else has impressed you today?
        The President. About this stop? Well, the income that--these are
    people that start out borrowing $50 in American money. They pay it back;
    they get another loan; they pay it back; they get another loan. It's
    like they're making all these markets--or entrepreneurs--you can turn a
    country around doing this if you have enough. But it really proves that
    people should not be written off just because they happen to be born and
    grow up in a poor area. It proves that there are people of intelligence
    and energy and character everywhere in the world. All they need is a
    chance. And insofar as we give them a chance, we strengthen nations, and
    we strengthen our future. And in our case, the American people are
    better off. It's a fabulous thing.
        And I got a little boy out of it. [Laughter] He's beautiful. Thank
    you so much.

    Note: The President spoke at approximately 6 p.m. at the Foundation for
    International Community Assistance (FINCA). In his remarks, he referred
    to shopkeeper Betty Namugosa and her son, Bill Clinton, who was named in
    honor of the President. A tape was not available for verification of the
    content of these remarks.