By Alex Counts
Microfinancing is taken into account the most potent concepts within the struggle opposed to worldwide poverty. And now, in Small Loans, vast adjustments, writer Alex Counts finds how Nobel Prize Winner Muhammad Yunus revolutionized international antipoverty efforts during the improvement of this procedure. This publication offers compelling tales of girls taking advantage of Yunus’s microcredit in rural Bangladesh and concrete Chicago, and recounts the studies of alternative debtors in every one state, interspersing them with tales of Yunus, his colleagues, and their opposite numbers in Chicago.
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In 1974, Bangladeshis were dying by the thousands for lack of even the meager nourishment to which they had grown accustomed. The skies blackened with vultures in search of another corpse to devour. Three years removed from the glorious war of liberation, the country’s dreams of freedom had been cruelly broken, transformed into a nightmare of hunger, wanton violence, and despair. S. ” On the streets of this poor nation, human beings walked around like zombies, waiting to die. Some had only a touch of life left in them, yet still they breathed, for at least one more day.
I was told that several people wanted to “do something” before they dispersed. Emotionally drained by my father’s death a few days earlier, I was unsure of how to respond. Sensing the opportunity, Grameen Foundation Board member Bob Eichfeld presented in his typically understated manner the concept of a loan guarantee program that we had contemplated but had never been able to launch. In this structure, wealthy individuals would pledge $1 million or more of their assets (all the while continuing to own and invest those resources).
This event marked the conclusion of a nine-year campaign to increase the number of the world’s poorest families reached by microfinance institutions (MFIs) from about 10 million to 100 million. This conference was the second-largest gathering of the microfinance movement (or industry, as some prefer to call it), exceeded only by the original Microcredit Summit held in February 1997 that launched the campaign. indd 21 2/26/08 11:55:52 AM 22 s m a l l l o a n s, b i g d r e a m s Both events were spearheaded by the tireless antipoverty campaigner Sam Daley-Harris, who somehow managed to produce a highly professional conference on a shoestring budget.