Alex Counts's Small Loans, Big Dreams: How Nobel Prize Winner Muhammad PDF

By Alex Counts

Microfinancing is taken into account the most potent techniques within the struggle opposed to worldwide poverty. And now, in Small Loans, colossal adjustments, writer Alex Counts finds how Nobel Prize Winner Muhammad Yunus revolutionized worldwide antipoverty efforts during the improvement of this technique. This ebook offers compelling tales of girls profiting from Yunus’s microcredit in rural Bangladesh and concrete Chicago, and recounts the stories of alternative debtors in every one kingdom, interspersing them with tales of Yunus, his colleagues, and their opposite numbers in Chicago.

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Extra resources for Small Loans, Big Dreams: How Nobel Prize Winner Muhammad Yunus and Microfinance are Changing the World

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These celebrations surpassed anything I had imagined I would see in Bangladesh—a country where the per capita income is 100 times less than in the United States. Reflecting my state of mind at the time, I wrote in a personal letter on January 11: Grameen Bank borrowers come out of the closet society puts them in. Seeing them come out is an awesome spectacle. Each year,Yunus comes to huge gatherings of centers, which is to say, groups of borrowers within the branch. One such celebration last week consisted of more than two thousand borrowers, hundreds of their children, and the local Grameen employees—people as far as the eye could see.

At the time of the publication of the first edition of this book, the outreach of all MFIs in Bangladesh was estimated to be six million. Yunus helped spawn new entrants and the scaling up of existing MFIs through his involvement in launching PKSF, a microfinance wholesale fund that became a kind of central bank for MFIs in the country. ) By 2006, the outreach of the microfinance sector was more than 15 million, which meant that about three-quarters of all poor families in Bangladesh were benefiting.

This balanced paper has helped ensure that dialogues about poverty impact are grounded in empirical data rather than the inevitable desire for some people to tear down anything that is remotely hopeful. Not surprisingly, Grameen Bank was the subject of several of the most intensive studies. Yunus was himself very curious about what was happening to his poor and (increasingly) formerly poor clients and welcomed any serious research team, even those that were initially skeptical or hostile. This openness and transparency, not to mention the positive findings of the studies, helped catapult him into a leadership position in the microfinance movement and the larger antipoverty campaigns of recent years.

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