Muhammad Yunus, a professor of economics in Chittagong University, is the founder of Grameen Bank. His bank 1 people to borrow small amounts of money to start business. He and the bank were 2awarded the Nobel Peace Prize for their efforts to help bring millions of people, especially women, out of 3.
During his visit to the poorest 4 in the village of Jobra near his university, Yunus met a woman who made bamboo stools. To 5 her business going, she had to take out usurious loans to buy the bamboo. He went around the village and found 42 women who were in the same6. He made a loan of $27from his own7 to the women, and told them to pay it back8 they could. Yunus believed that if given the chance the poor would 9 the borrowed money, and microcredit could be a good business model. He got all the money back, and then he went to other 10and did the same thing. The official banks didn't want to get involved in what he was doing, so Yunus11 to start his own bank. By July 2007, the Grameen Bank had 12$ 6.38 billion to 7.4 million borrowers.
The success of Grameen Bank has13 similar efforts in many countries throughout the developing world, and even in rich nations like the USA. More than 94% of Grameen loans have gone to 14, who suffer from poverty and who are more 15than men to devote their earnings to their families.
