We shall follow and advance the four principles of Grameen Bank: Discipline, Unity, Courage and Hard work – in all walks of our lives. [11] He began to expand microcredit as a research project together with the Rural Economics Project at Bangladesh's University of Chittagong to test his method for providing credit and banking services to the rural poor. It has also been applied to inner city and rural poverty in rich nations in North America and Europe. We shall take part in all social activities collectively. [55], The Grameen Foundation was developed to share the Grameen philosophy and expand the benefits of microfinance for the world's poorest people. The bank grew significantly between 2003 and 2007. The accusation is based on the unauthorised transfer of approximately US$100 million, donated by The Norwegian Agency for Development Cooperation (NORAD), from one Grameen entity to another in 1996, before the expiry of the Grameen Bank's tax exemption. We shall look after our health. [28] Grameen says that more than half of its borrowers in Bangladesh (close to 50 million) have risen out of acute poverty thanks to their loan, as measured by such standards as having all children of school age in school, all household members eating three meals a day, a sanitary toilet, a rainproof house, clean drinking water, and the ability to repay a 300 taka-a-week (around US$4) loan. [31] In the press release announcing the prize, the Development Gateway Foundation noted that through this program: ... Grameen has created a new class of women entrepreneurs who have raised themselves from poverty. We shall collectively undertake bigger investments for higher incomes. [25], No legal instrument (i.e. [8] While a World Bank study has concluded that women's access to microcredit empowers them through greater access to resources and control over decision making, some other economists argue that the relationship between microcredit and women-empowerment is less straightforward. Besides peer pressure, the groups were also a source of mutual support, and a large reason Grameen would be able to boast repayment rates in excess of 97 percent. Soon he was heading the economics department at Chittagong University. Grameen converts deposits made in villages into loans for the more needy in the villages (Yunus and Jolis 1998). As the Grameen Foundation USA established Project Enterprise Peer Lending programs in Harlem and Brooklyn, a launch party for Professor Yunus's new book at the United Nations' New York headquarters drew numerous celebrities. These people, Yunus found, existed in a cycle of debt, at the mercy of moneylenders charging ten percent interest a week and usurious traders. More than 55,000 phones are currently in operation, with more than 80 million people benefiting from access to market information, news from relatives, and more. Since 2011, Grameen Bank released this technology under the stewardship of Mifos Initiative, a US Non Profit organisation. Its CEO is Steve Hollingworth. [17][18] Its success has inspired similar projects in more than 64 countries around the world, including a World Bank initiative to finance Grameen-type schemes. [60], Some analysts have suggested that microcredit can bring communities into debt from which they cannot escape. Since the Grameen Bank caters to women, the 1996 elections received more women voting than men, which led to the removal of political parties opposing women's rights. Two years later, "Sixty Minutes" dispatched a crew to Bangladesh to report on the bank's success. [40] That is where we find that what will become Grameen bank, is founded upon one man's heart for those that society and big corporations could or would not help. By a Bangladeshi government ordinance on October 2, 1983, the project was transformed into an independent bank. He stressed that he has observed that Grameen's borrowers attain a sense of confidence and self-sufficiency when they pay back their loans from Grameen bank. Prosperity we shall bring to our families. The bank is also engaged in social business and entrepreunership fields. Source: International Directory of Company Histories, Vol. Its expectations were reflected in four resolutions adopted at a 1980 workshop which by 1984 had become the bank's famous "Sixteen Decisions." [50], On 10 December 2006, Mosammat Taslima Begum, who used her first 16-euro (20-dollar) loan from the bank in 1992 to buy a goat and subsequently became a successful entrepreneur and one of the elected board members of the bank, accepted the Nobel Prize on behalf of Grameen Bank's investors and borrowers at the prize awarding ceremony held at Oslo City Hall. By the beginning of 2005, the bank had loaned over US$4.7 billion[14] and by the end of 2008, US$7.6 billion[15] to the poor. [28], The global number of potential micro-borrowers is estimated to be 1 billion, with a total loan demand of $250 billion. The bank currently lends more than $500 million a year with a repayment rate of better than 97 percent (although critics have reported that some borrowers merely take out additional loans to meet their repayment schedules). The meeting has become the main platform for social businesses worldwide to foster discussions, actions and collaborations to develop effective solutions to the most pressing problems plaguing the world.[30]. Grameen Bank is founded on the principle that loans are better than charity to interrupt poverty: they offer people the opportunity to take initiatives in business or agriculture, which provide earnings and enable them to pay off the debt. These organisations include Grameen Trust, Grameen Fund, Grameen Communications, Grameen Shakti (Grameen Energy), Grameen Telecom, Grameen Shikkha (Grameen Education), Grameen Motsho (Grameen Fisheries), Grameen Baybosa Bikash (Grameen Business Development), Grameen Phone, Grameen Software Limited, Grameen CyberNet Limited, Grameen Knitwear Limited, and Grameen Uddog (owner of the brand Grameen Check). They were seen to have an inequitable share of power in household decision making. [45][46] The bank claims a loan recovery rate of 96.67%,[47] up from the 95% recovery rate claimed in 1998. In addition, many were afraid to handle money, traditionally the province of the husband. [12] The bank's success continued and its services were extended to other districts of Bangladesh. no written contract) is made between Grameen Bank and its borrowers; the system works based on trust. The number of borrowers has more than doubled since 2003, when the bank had 3.12 million members. By ordinance of the Bangladesh Government dated 2 October 1983, the project was authorised and established as an independent bank. We shall keep our centre free from the curse of dowry. Yunus developed the principles of the Grameen Bank from his research and experience. The bonds are implicitly subsidised, as they are guaranteed by the Government of Bangladesh, and still they are sold above the bank rate. We shall drink water from tubewells. Grameen Bank would need to be a bank of unusual standards. That year, the Grameen housing program received the Aga Khan International Award for Architecture. These ranged from abstractions&mdash′omising to follow the principles of "discipline, unity, courage, and hard work"&mdashø practical mandates--"We shall not live in dilapidated houses. We shall always be ready to help each other. Penguin Books, NY: 2005, Cockburn, Alexander, "A Nobel Peace Prize for Neoliberalism? This in turn helps bring about social change, and educate the next generation. 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