Read BookBanker to the Poor Micro-Lending and the Battle Against World Poverty

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[Download PDF.wRkl] Banker to the Poor Micro-Lending and the Battle Against World Poverty

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Amazon.com ReviewIt began with a simple $27 loan. After witnessing the cycle of poverty that kept many poor women enslaved to high-interest loan sharks in Bangladesh, Dr. Muhammad Yunus lent money to 42 women so they could purchase bamboo to make and sell stools. In a short time, the women were able to repay the loans while continuing to support themselves and their families. With that initial eye-opening success, the seeds of the Grameen Bank, and the concept of microcredit, were planted. After earning a Ph.D. in economics at Vanderbilt University, Dr. Yunus returned to Bangladesh to settle into a life as a professor. But a famine in 1974 ravaged the country, leading Dr. Yunus to alter his thinking and his life profoundly: "What good were all my complex theories when people were dying of starvation on the sidewalks and porches across from my lecture hall.... Nothing in the economic theories I taught reflected the life around me." Armed with little more than a lofty dream to end the suffering around him, he started an experimental microcredit enterprise in 1977; by 1983 the Grameen Bank was officially formed. The idea behind the Grameen Bank is ingeniously simple: extend credit to poor people and they will help themselves. This concept strikes at the root of poverty by specifically targeting the poorest of the poor, providing small loans (usually less than $300) to those unable to obtain credit from traditional banks. At Grameen, loans are administered to groups of five people, with only two receiving their money up front. As soon as these two make a few regular payments, loans are gradually extended to the rest of the group. In this way, the program builds a sense of community as well as individual self-reliance. Most of the Grameen Bank's loans are to women, and since its inception, there has been an astonishing loan repayment rate of over 98 percent. Banker to the Poor is an inspiring memoir of the birth of microcredit, written in a conversational tone that makes it both moving and enjoyable to read. The Grameen Bank is now a $2.5 billion banking enterprise in Bangladesh, while the microcredit model has spread to over 50 countries worldwide, from the U.S. to Papua New Guinea, Norway to Nepal. Ever optimistic, Yunus travels the globe spreading the belief that poverty can be eliminated: "...the poor, once economically empowered, are the most determined fighters in the battle to solve the population problem; end illiteracy; and live healthier, better lives. When policy makers finally realize that the poor are their partners, rather than bystanders or enemies, we will progress much faster that we do today." Dr. Yunus's efforts prove that hope is a global currency. --Shawn Carkonen banker to the poor yunus 01 - The Economist Banker to the Poor Copyright 2007 getAbstract 4 of 5 mother of three who made bamboo stools in the nearby village of Jobra. Online Legal Research Westlaw Legal Solutions Thomson Reuters Westlaw. Thomson Reuters Westlaw is the industry's most preferred online legal research service year after year. With Westlaw you can find the legal information you are looking for quickly and ... The Importance of Sustainable Development In Eye Care The Importance of Sustainable Development In Eye Care Sustainability has become somewhat of a buzzword in the last few years but dont let the fact that it has been overused detract from the value of the ... 10 Inspiring True Story Books Everyone Must Read Muhammad Yunus (Watch his TEDx talk here) is that rare thing: a bona fide visionary. His dream is the total eradication of poverty from the world. In 1983 against the advice of banking and government officials ... Startups News - The Business Journals Startups news from the including the latest news articles quotes blog posts photos video and more. ... User Agreement Privacy Policy Your California Privacy Rights Ad Choices 2017 American City ... Muhammad Yunus - Wikipedia Muhammad Yunus (Bengali: ; born 28 June 1940) is a Bangladeshi social entrepreneur banker economist and civil society leader who was awarded the Nobel Peace Prize for ... Microfinance Banking in Nigeria: Problems and Prospects Since the advent of microfinance banking in Bangladesh in the mid 1970s several countries have copied this financing model. The seeming popularity of this model among developing countries is predicated on poverty Video News - CNN.com Watch breaking news videos viral videos and original video clips on CNN.com. ... 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