Wednesday, November 21, 2007

The Bangladeshi Renaissance

Muhammed Yunus, successful businessman of Bangladesh has initiated a dramatic turnaround in that country's economy. He founded the Gramin Bank which extends loans to the individuals and small businesses.

Yunus's concept of Microloan is to provide poor people with financial assistance, at their terms, rather than at the bank's. While most other banks give loans in order to generate income, the Gramin Bank exists for the purpose for which it was found- to lift people above the poverty line.

And they are succeeding grandly at that! Congratulations to Mr.Yunus and his team of dedicated colleagues! He has rightly been awarded the Nobel Prize.
Read his interview on CNN here:

One man can transform the destiny of an entire nation.

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