Sunday, October 15, 2006

Grameen Foundation: "Give me your poor..."

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I would like to lead you to the 2006 Nobel Peace price winner, Mohammad Yunus:
Dr. Yunus was awarded the Nobel Peace Prize for his pioneering work in the use of microcredit. Dr. Yunus is an economist who founded Grameen Bank in 1976 (formally in 1983) to give small loans to mostly poor women in rural Bangladesh to start small businesses. These women, who were otherwise deemed "unbankable" by conventional banks, proved to be a lower credit risk than most "creditworthy" borrowers. Grameen Bank’s loan repayment rate is over 98% - significantly higher than most commercial banks in the Third World. Dr. Yunus discovered that microcredit can be both commercially viable and an engine for socio-economic change. Grameen Bank has helped millions of Bangladeshis rise above poverty, not through charity, but through hard work and a little faith in their abilities
Read the rest of the story at DrStrangelove.
Also, to check out more information regarding microcredit, go to the Grameen Foundation.
Here are some of the places where they work.
And as the Nobel Peace price tells us, 'it' works! Congratulations Dr. Yunus!
Also, please check out Drishtipat, for a day at Grameen.


Blogger betmo said...

my mom saw a program about him and the women on pbs recently. that is cool. we need more grassroots movements like this so that western institutions like the world bank, etc- don't have as much power over developing countries.

3:51 PM  
Blogger Dr. Strangelove said...

Ingrid, thanks for spreading the word! Its good to be talking about something positive for a change.

10:22 PM  
Anonymous Ken Liffiton @ Grameen Foundation said...

Ingrid, thanks for posting this great news as well as putting up Grameen Foundation's Word of Blog ad on your sidebar. The award has been a huge boost for microfinance and we've been thrilled by the outpouring of support from around the world, in particular from the blogger community.

6:23 AM  
Blogger Ingrid said...

Betmo, I am sorry I missed that show. I agree with you, microcredit is the way to solve issues in poor countries, not indebting them even more by the World Bank and IMF. Mash, you're the trail blazer since I had not heard about this gentleman until you posted on him! It's all in the 'domino-effect'!
Ken, as I mentioned to Mash, I was woefully ignorant and had never heard about dr.Yunus or microfinancing. I think it makes so much sense and is just so logical, only by political 'un-will' is it not used more widely. Also, it is terrible to see that it actually applies here in the States. Still, it is good that it is because banks here have too much power I think. Money is the all mighty Mammon, hence for bank robberies etc jail times are very harsh. All the best with your work and if you have any perfect case studies other than what is on the site, pls email me and I'd love to write about it!

9:23 AM  

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