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James Caan is one of the partners to encourage other entrepreneurs to donate funds, but also time for projects in the slums of the India.

Pair - founders of lastminute.com and Alexander Mann-work with Sheetal Mehta, one Government, global trade ambassadors to establish Microfinance Shanti, which aims to be a more honest type of microfinance initiative.

The trio also work with John Hummer, early investors to Napster and Ken Olisa partner restaurants, a Bank business shop.

Between them, the objective is to encourage developers to donate funds, but also time for projects in the slums of the India.

Soft-launch of the Fund during the 12 months saw the money invested in the areas of arts and crafts businesses laundry detergent responsible at the local level.

But the project differs from traditional microfinance, lenders because the interest will be capped at low 12pc and interest earned will be recycled in the target communities.

The project is currently headed by Ms. Mehta, formerly Microsoft Director of relations venture intercourse with UK trade and investment since 2006. She told the Sunday Telegraph:

"We are very popular." I spend most of my time in India, staying in the slums of understanding what people want. We developed a model where give us ￡ 100 each loan that allows them to scale, capped at 12pc. ?

Borrowers can use 5MC loan to enable them to participate in a form any preventive health care program.

Shanti will use modern technology to collect and track loans and will not discriminate against men, who are traditionally not permitted to borrow microfinance programs. It aims to raise ￡ 500,000 over the next six months the United Kingdom the United States and the Middle East.

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