Editing one Nepali QDR peace today – Beautiful story Prof. Dr. Muhammad Yunus ..Dr Yunus explained that banking system and government organizations were not in favor of poor people. He had bitter experiences in this regard in his past. As per his interview to ‘Kantipur daily’ dated 24 December 2012, he had returned to Bangladesh leaving his teaching job in US University after Bangladesh independence in 1971. He had started to teach economics in Bangladesh, but his teaching principles were not functioning practically either. There were extremely poor people who were in ‘hand-to-mouth’ around the university complex. He realized that if education system does not help poor - the education is not serving its goal properly, thus does not add a real value. He distributed some money to the poor people for their ‘survival’, but it was not possible to provide money constantly. Therefore, he escorted them to a bank exploring the possibility to take a loan, but the bank refused to grant loan since they had no collateral to offer. After eight months, he signed his personal guarantee to provide loan to them. At this stage Prof. Dr. Yunus thought to set up a Gramin Bank by himself. According to THT dated 21 December 2012, he started to experiment with providing collateral free loans to the needed people in 1976. The project was called Gramin Bank Project and later in 1983 became a full-fledged bank providing loans to the poor, mostly women of rural Bangladesh. Today Gramin Bank has over 8.4 million borrowers, 97 percent of which are women and disburses over one and half billion US dollars each year. In 2006 professor Yunus and Grameen Bank were jointly awarded the Nobel Peace Prize.
Posted on: Sat, 20 Jul 2013 09:43:22 +0000
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