Son of Five Rivers Blog

For the advancement of Entrepreneurship, Sustainability & the Ecology of Everyday Life

The Grameen Bank – For the People by the People

Grameen Bank (GB) has reversed conventional banking practice by removing the need for collateral and created a banking system based on mutual trust, accountability, participation and creativity. GB provides credit to the poorest of the poor in rural Bangladesh, without any collateral. At GB, credit is a cost effective weapon to fight poverty and it serves as a catalyst in the over all development of socio-economic conditions of the poor who have been kept outside the banking orbit on the ground that they are poor and hence not bankable. Professor Muhammad Yunus, the founder of “Grameen Bank” and its Managing Director, reasoned that if financial resources can be made available to the poor people on terms and conditions that are appropriate and reasonable, “these millions of small people with their millions of small pursuits can add up to create the biggest development wonder.”

As of June, 2009, it has 7.90 million borrowers, 97 percent of whom are women. With 2,557 branches, GB provides services in 84,487 villages, covering more than 100 percent of the total villages in Bangladesh.

Grameen Bank’s positive impact on its poor and formerly poor borrowers has been documented in many independent studies carried out by external agencies including the World Bank, the International Food Research Policy Institute (IFPRI) and the Bangladesh Institute of Development Studies (BIDS).

Mission Statement: Grameen Foundation’s mission is to enable the poor, especially the poorest, to create a world without poverty.

Grameen Foundation is a leader in the fight against poverty in Sub Saharan Africa, Asia, the Arab World, and the Americas. Since our beginning in 1997, our programs, resources and fresh ideas have helped more than 45 million poor people, mostly women and children, improve their lives.

July 27, 2009 Posted by | Finance, Great Ideas, Inspiration, Investment, Life, Venture Capital | , , , | Leave a comment

Creating a World Without Poverty – Nobel Peace Prize

This is one of the latest books I’m reading… It’s from the Banker to the Poor, Nobel Peace Prize winner Muhammad Yunus.  You can listen to a  quick concept of the video by clicking the below preview.  (I thought I would let you multitask)

July 27, 2009 Posted by | Books, Education, Great Ideas, Sustainability | , , | Leave a comment