Grameen bank

• The Grameen Bank has empowered over seven million borrowers after 30 years
• The Grameen Bank operates on the principle that poverty is not created by the poor, but by the institutions and policies that surround them
• The bank aims to break the vicious cycle of poverty by giving rural people, most often women, access to small-scale loans for business, housing, or education
• Microcredit or "grameencredit" from the Grameen Bank requires borrowers to belong to a group of five co-borrowers, who ensure responsible spending and repayment in tiny installments
• Borrowers are not required to provide collateral or sign legal instruments for the loans
• The Grameen Bank was founded in 1976 in Bangladesh by Muhammad Yunus after a pilot project to help people break out of poverty and debt
• Borrowers own 90% of the bank's shares, while the government owns the remaining 10%
• 97% of the almost eight million borrowers of the Grameen Bank are women
• The bank services close to 85,000 villages in Bangladesh and operates in 38 other countries
• The Grameen Bank has been self-sufficient since 1995
• The bank and Muhammad Yunus were jointly awarded the Nobel Peace Prize in 2006 for their efforts in economic and social development
• The Grameen Bank has a loan recovery rate of just short of 98%
• The Grameen Bank's role in allowing millions to bypass moneylenders and ease themselves out of poverty is significant
• The Grameen Bank's mission to alleviate poverty took an innovative form in the Grameen Healthcare Trust
• The Grameen Bank is a resilient organization, self-sufficient since 1985
• Formerly an assistant editor with Alternatives, Taarini Chopra is currently investigating GMO and food security issues in India
• The Grameen Bank operates on the principle that poverty is not created by the poor, but by the institutions and policies that surround them
• The Grameen Bank aims to break the vicious cycle of poverty by giving rural people, often women, access to small-scale loans for business, housing, or education
• The Grameen Bank provides microcredit or "grameencredit" to those in need
• Loan officers also act as financial educators by teaching basic accounting skills such as keeping track of income and expenses.