The Grameen Bank is a microfinance organization and community development bank started in Bangladesh that makes small loans (known as microcredit) to the impoverished without requiring collateral. The system is based on the idea that the poor have skills that are underutilized. The bank also accepts deposits, provides other services, and runs several development-oriented businesses including fabric, telephone and energy companies. The organization and its founder, Muhammad Yunus, were jointly awarded the Nobel Peace Prize in 2006.
Read more about this topic: Grameen Family Of Organizations
Famous quotes containing the word bank:
“People get a bad impression of it by continually trying to treat it as if it was a bank clerk, who ought to be on time on Tuesday next, instead of philosophically seeing it as a painter, who may do anything so long as you don’t try to predict what.”
—Katharine Whitehorn (b. 1926)