Economy, World

Catalyst Conversation: Microfinance in the Developing WorldDec 29

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Muhammad Yunus helped pioneer the concept of microcredit with the formation of Grameen Bank – meaning “village bank” – in Bangladesh in 1983. The bank is based on the principle of that loaning what would be considered tiny amounts of capital to entreprenuers – the first loan was $27 to a total of 42 craftpersons – could not only lift people out of poverty but also serve as a sound investment practice. Today, Grameen Bank has 8 million borrowers, a 99% loan repayment rate and loaned $7b billion since its formation.

During this roundtable discussion, GCG seeks to learn what the future hold for the broader state of microfinance, opportunities and challenges, and debates how well has the concept of microfinance been successfully exported from Grameen Bank & Bangladesh. GCG also discussed if the model may work in some societies/developing countries better than others. The conversation also included internet institutions such Kiva and Prosper allowed for greater adoption and/or efficiencies of micro-finance.

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