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Muhammad Yunus: Helping the less privileged unleash their entrepreneurial skills

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Some thirty years ago, economics professor Muhammad Yunus made his first loan of $27 to a group of 42 women so they could expand their bamboo furniture making business.

After the success of his initial loan, Yunus saw that such a small amount of money could change the lives of the people and thought why not do more? Since then, small collateral-free loans known as microcredit have been provided to 100 million people across all continents. With 94 per cent of the world’s income going to just 40 per cent of the population, Yunus decided it was time to do something for the remaining 60 per cent. Commercial banks did not provide such loans to the poor and women only accounted for one per cent of borrowers in Bangladesh at the time.

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en

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text/html

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http://knowledge.insead.edu/muhammadyunus080403.cfm

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