Wednesday, May 7, 2008

Microcredit in NYC

Grameen Bank , a microlending institution for which Muhammad Yunus won the Nobel Peace Prize, is opening a branch in Queens, NY. In response to the idea that New York perfected banking, so why import a bank, Yunus had the following to contribute:

But the Nobel laureate said New York also had its share of poor people just like any other city "so we are actually working in [a] third world" environment".

Here is more from Al Jazeera on the Grameen Bank's work with women in Egypt.

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