[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.