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What has Muhammad Yunus done in the past 30 years that revolutionized the banking system in the third world ? Posted by kimfuji on Oct 23, 2009. |
Business Group
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Didn't he set up a bank that did microcredit loans to people with no collateral? Not that he's the only one, but he was one of the leaders and an inspiration for many other providers that have sprung up across the Third World. I believe that's why he won the Nobel Peace Prize a few years ago. Posted by pohnpei397 on Oct 23, 2009. |
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As a young economics professor at Chittagong University in Bangladesh in 1976, Muhammad Yunus lent $27 out of his own pocket to a group of poor craftsmen in the nearby town of Jobra. To boost the impact of that small sum, Yunus volunteered to serve as guarantor on a larger loan from a traditional bank, kindling the idea for a village-based enterprise called the Grameen Project. It never occurred to the professor that his gesture would inspire a whole category of lending and propel him to the top of a powerful financial institution.
Posted by grgsiocl on Oct 23, 2009. |


