Word: bangladesh
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...idea sometimes starts out small. In 1974, after earning his Ph.D. in the U.S., Muhammad Yunus was teaching economics at Bangladesh's Chittagong University. When a deadly famine struck the country, Yunus, eager to lend a helping hand, paid off the money owed to loan sharks by a group of impoverished villagers struggling to survive; they should repay him, he said, "when they could." Eventually they did, but that was not the most significant aspect of the episode. While the total sum was only about $27, that a stranger would trust them with his cash gave the villagers an appreciation...
...achieved unless large population groups find ways in which to break out of poverty," the Nobel Committee wrote in its citation. "Muhammad Yunus has shown himself to be a leader who has managed to translate visions into practical action for the benefit of millions of people, not only in Bangladesh, but also in many other countries...
...Bangladesh, a young nation better known for its poverty, political violence and natural disasters, Yunus' Nobel award is a matter of national pride. Within minutes of the announcement, thousands gathered outside Yunus' house and Grameen's headquarters in the capital Dhaka. "No one came to us, no one asked us how we do things, no one was interested for years," says Mohamed Ansaruzzaman, head of Grameen's International Program Department. "Now they all want to see what we do-journalists, NGO workers, diplomats." Weeks on, posters of Yunus still dot Dhaka. Reads one big banner, outside a suburban pizzeria: PROFESSOR...
...Mohammed Yunus, a Bangladeshi economist, met a woman in Jobra, Bangladesh who was trying to earn a living by selling bamboo stools. She made only two pennies of profit a week, far from enough to sustain a family, as buying supplies required her to borrow from a local moneylender at extremely high interest rates. Yunus soon discovered that Jobra was filled with others just like her—women whose tiny ventures barely survived but had the potential to thrive if they could borrow money at reasonable rates...
...years of microfinance has provided reassuring success stories—from Yunus’ own in Bangladesh to the 3,200 microcredit institutions that had sprouted up around the world by the end of 2004. It is a strategy that American corporations are slowly catching onto. Many see it as a way for companies to signify their commitment to social responsibility, highlighting a humane effort to change their ruthless reputations. And, it may be successful at helping to do just that...