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Nobel Laureate Prof. Muhammad Yunus plans to introduce his Grameen Bank's micro credit concept in Saudi Arabia so as to stimulate business growth at the grassroots. The professor, who is on a visit as speaker of the Ninth Jeddah Economic Forum under way here, made the announcement at a reception hosted by the Consulate General of Bangladesh at Al-Salam Holiday Inn on Sunday evening.
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Nobel laureate Prof Muhammad Yunus launched a 150 million-euro global micro-finance outfit styled Grameen-Crédit Agricole Foundation in Paris on Monday. Crédit Agricole SA, a global banking group, has committed to fighting world poverty alongside Prof Muhammad Yunus, the founder and managing director of Grameen Bank that earned the Nobel Prize for both for their pioneering role in institutionalising collateral-free small credits for the poor.
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On the second floor of a run-down building in Queens, squeezed between a sari boutique and a tiny store selling Bollywood DVDs, are two rooms – rented for $1,500 a month – whose occupants have been sent from Bangladesh to end poverty in the US.
These are the offices of the first US outpost of the Grameen Bank, an organisation set up by Muhammad Yunus, the Nobel peace prize winner, and credited with turning the Bangladeshi bank into a revolutionary weapon against global poverty.
The pilot in the US is the first in a developed country, and Mr Yunus plans to use the country as a testing ground for his methods.
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interview transcript
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By Muhammad Yunus.
Bill Gates caused a stir in Davos last month with his call for "creative capitalism." He pointed out that while capitalism is "responsible for the great innovations that have improved the lives of billions ... to harness this power so it benefits everyone, we need to refine the system."
I see traditional capitalism as a half-developed structure. It ignores the humanity within all of us.
Moneymaking is an important part of humanity, but it is not the only part. Caring, concern, sharing, empathy – all of these aspects also must be considered when developing an economic framework that takes the whole person into account.
Enter the missing piece of the global development puzzle: social business...read article
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