Word: microcredit
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...poor - hundreds of thousands of whom migrate illegally to the U.S. each year to work - insist there are myriad efforts the U.S. could aid to curtail the flow at its source, inside Mexico, instead of throwing billions at building walls along the border. One is the growing number of microcredit banks that help remote rural towns finance businesses. "If I could sit down with Presidents Bush and Calderon in Merida, I would say, 'Look, if you want to reduce illegal immigration then help us for once build a financial system where those migrants come from,'" says Isabel Cruz, director...
Nicknamed "banker to the poor," Muhammad Yunus will enter politics under the auspices of his new party in the next Bangladesh election. In 2006 he won the Peace Prize for inventing microcredit...
...power, would end that because the U.N. doesn't like to use troops from a military dictatorship. Many newspapers and civil-society groups have called for a new party to be formed by local hero Muhammad Yunus, who recently won the Nobel Peace Prize for his pioneering work in microcredit. But though the affable economist has occasionally commented on his country's crisis-it is important that parties field "clean candidates," he said in December-he seems reluctant to enter politics...
...golden time for Bangladesh. The country's economy galloped along at almost 7% last year, driven by strong growth in foreign investment and exports and a resurgent agricultural sector. Three months ago, Bangladesh's most famous son, Mohamed Yunus, won the Nobel Peace Prize for his work developing microcredit banking, a concept that has changed the lives of millions. Even the country's perennially underperforming cricket team has improved of late. Instead, the south Asian nation of 145 million people is lurching towards chaos again...
...Speaking to a TIME reporter just seconds before a phone call from Oslo to tell him he had won the Nobel Prize, Yunus, 66, explained that the revolution behind microcredit is the way it upends normal notions of banking. "Conventional banks look for the rich; we look for the absolutely poor," he said. "All people are entrepreneurs, but many don't have the opportunity to find that out." In his Nobel speech, Yunus made clear his belief that access to credit ought to be a basic human right, and advocated the acceptance of "social businesses"-organizations that are self-sustaining...