After nearly four years of bitter conflict, in 1995 the small Balkan country of Bosnia became the location for an experiment in the operation of a microcredit-driven post-war reconstruction and development program.
The concept of microcredit — tiny microloans used to help establish or expand income-generating informal microenterprises — was for most of the last 30 years seen by the international development community to be the perfect self-help answer to poverty, unemployment and under-development.
Like many other concerned citizens of the world, I was stunned by the news that Nobel Laureate Muhammad Yunus has been sacked by the government of Bangladesh, from his position of managing director (Head) of Grameen Bank, a community development bank he founded in 1983. The actions seem to be politically motivated, where personal gains… Read more »
Dubbed the messiah of microcredit, Dr. Yunus has been (perhaps wrongly) credited with a unique innovation in banking; i.e. banking for the poor. He has received numerous awards including the Nobel Peace Prize in 2006. Hailed as the saviour of the poor and the pioneer of rural women empowerment, the praise and adulation that Yunus… Read more »
It is over for Prof. Yunus at Grameen. Bangladesh Bank has done the papers and his removal is done too. He has been ousted by the government supported by all those who have been baying for his blood for years. This victory will be considered one against Yunus, Grameen Bank and microcredit to boot.
The heading is not mine. The first portion is a quotation from Mr. Muhammad Yunus and challenged by Thomas Dichter — one of the development experts who participates in my film, “Caught in Micro Debt” which was aired in the Norwegian Television on November 30.