Thursday, November 16, 2006

Grameen Bank

Muhammad Yunus, the founder of the revolutionary Grameen Bank that has freed gosh knows how many Bangladeshis from extreme poverty, has won the Nobel Peace Prize.

Essentially, the Grameen Bank provides microcredit loans, small loans to the extremely poor, without collateral or interest. I have a bit of a bakcground in community economic development, so such concepts are not new to me. The result is that poverty levels are reduced, and the wealth created by the loan stays in the community. Go here for more basic info on microcredit.