Posts Tagged ‘microcredit

27
Feb
09

What could the rich world’s banks learn from the poor world’s?

He’s an economist, a banker and the man who developed the concept of microcredit. Mohammad Yunus  set up the Grameen bank in Bangladesh more than 30 years ago, and in 2006 they were jointly awarded the the Nobel Peace Prize. In simple terms the concept he dreamt up was to loan small amounts of money to entrepreneurs, too poor to qualify for traditional bank loans. His view was that rural poor people had skills that with a little financial backing could help lift them out of poverty. He also strongly believed that people from a poorer background were more likely to repay their loans.

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