![]() ![]() Not been offered loans by Grameen, and about 25% higher than non-members living Members is about 50% higher than the target group in a village that has Research has indicated that the average household income of Grameen Bank Has expanded rapidly - from less than 15,000 borrowers in 1980 to over 6 That rural power structures would cause the bank to fail.Program has been as successful as its group lending program. As of MayĢ006, 97% of Grameen Bank loans are to women. That poor rural women in particular were not bankable.That poor people would not repay their debts.This simple formula, supported by the 16 decisions that borrowers must agree to before taking a loan (see sidebar) have overturned many former assumptions, such as: Next two borrowers can then apply and, subsequently, the fifth member as well. Depending on their performance in repayment the At first only two members of a groupĪre allowed to apply for a loan. The Grameen Bank's loaning system is based on groups of five people who provide mutual, morally binding group guarantees in lieu of theĬollateral required by conventional banks. Mahatma Gandhi but I suspect that if you walked into many a village inīangladesh today and asked the same question, the answer would be Muhammed Yunus, Helping the poor people of the Indian subcontinent, we would probably reply ![]() The Grameen Bank and its founder, Muhammed Yunus, were jointly awarded theĢ006 Nobel Peace Prize, which adds to the numerous other awards he, and theĬomment: If most of us were asked to name the person most famous for Them, teach them a few sound financial principles, and they will help Is brilliantly simple: loan poor people money on terms that are suitable to World poverty, founded on the belief that credit is a fundamental human right, Yunus's loan helped themīreak the cycle of poverty and changed their lives forever. They were stool makers who only needed enoughĬredit to purchase the raw materials for their trade. Idea born on a day in 1976 when he loaned $27 from his own pocket to forty-two HeĪimed to help the poor by supporting the spark of personal initiative andĮnterprise by which they could lift themselves out of poverty forever. That is a social business.The autobiography of the world-renowned, visionary economist who came up with a simple but revolutionary solution to end world poverty: micro-creditįrom the book jacket: In 1983 Muhammad Yunus established Grameen, aīank devoted to providing the poorest of Bangladesh with miniscule loans. So the company makes enough money to continue business and cover costs without fresh investment. This is the objective for which the company was created and Danone and Garmeen will never take any profit out of it because this is not a company to make money it is a company to solve a problem in a business way. What we did is we made this yoghurt and put all the micro-nutrients that the children lack into the yoghurt and we made it very, very cheap so that children can eat it (and they love it!) and if they eat this yoghurt for eight to nine months, two cups a week, they will regain all their health because it contains all the nutrition they need. Half the children in Bangladesh are malnourished and good nutrition is in very, very short supply among the children here. This is designed to solve the problem of malnutrition among the children of Bangladesh. So this is a social business, as apart from the other part of Danone which is money-making. We have created Garmeen-Danone in Bangladesh – Danone is a yoghurt company. One example is the joint venture with multi-national company Danone. We have created a lot of social businesses in Bangladesh. And I call this a social business and that is the subject of my book. So, I say why don’t you create that part of economics and then we can do both things? We can create business for selfish purposes, which we do today, and we can create business for selfless purposes too, meaning solving the problems that we have around us. But that door was never open to them because economics never put that aspect of people into the theory. They want to make money and they want to change the world. Foreign Policy & International RelationsĪre you saying that people are less predictable than economics allows?. ![]()
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