Word: microcredit
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...Yunus' philanthropic act pioneered the concept of microcredit-making small loans available without collateral to needy entrepreneurs at affordable interest rates. What Yunus discovered is that such borrowers are typically hardworking, motivated, reliable and themselves altruistic, often creating collective, grassroots enterprises that benefit the whole community. Yunus' Grameen Bank now lends $800 million a year to nearly 7 million Bangladeshis, and boasts a 99% repayment rate. His work over three decades earned him this year's Nobel Peace Prize. "Lasting peace cannot be achieved unless large population groups find ways in which to break out of poverty," the Nobel Committee...
Muhammad Yunus, the Bangladeshi who was awarded the 2006 Nobel Peace Prize, should be honored by TIME for his pioneering work in microcredit financing to help the fight against poverty around the world. Yunus has developed one of the most viable solutions to ease extreme poverty, and hopefully end it as well...
...Luis Guevara, 50, is a Caracas cabbie who for decades drove wheezing, beat-up taxis because an elitist banking system denied him the kind of small business loan so desperately needed all over Latin America. Last year, under a microcredit project for wannabe capitalists created by Chavez from Venezuela's record oil windfalls, Guevara got a $15,000 loan at a reasonable interest rate; now he owns a new Chevrolet he can use to pick up fat fares at the airport. Guevara could care less what you call the policy: "It works for me whatever...
...touched and very happy to read about Yunus' microcredit story. In a time of such bleakness and pessimism, the possibility that by 2030 the only trace of poverty could be in a museum was absolutely wonderful news. Imagining a very near future in which the word poverty requires the use of the past tense is enough to make everyone optimistic. Diana Cella Perugia, Italy...
...Yunus successfully demonstrated how microcredit can be a means of alleviating poverty and empowering women. An impossible idea turned out to be a practical weapon in the fight against the extreme poverty of those in Southeast Asia and other Third World areas. Yunus' goal of reducing poverty by half by 2015 will require the commitment and cooperation of development partners and the unequivocal support of local governments. Dhiraj Kumar Nath Dhaka, Nigeria...