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October 13, 2006
Grameen Bank
SITE: Grameen Bank
URL: http://www.grameen-info.org/
DESCRIPTION: Along with its founder, Professor Muhammad Yunus, Garmeen Bank was the recipient of the 2006 Nobel Peace Prize.
The site has a great deal of information on Microcredit (providing loans without collateral to poor and unemployed people) and breaking the cycle of poverty in developing nations. Included are articles, documents, statistics and reports on the bank and its activities in Bangladesh.
About the Bank (from their site): 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."
Posted by cseeman at October 13, 2006 03:20 PM