Carlos Slim, Muhammad Yunus Take Grameen Bank to Mexico

Sep 2008
Mexico City, Mexico, September, 29 2008 - Mexican multi-billionaire Carlos Slim and Muhammad Yunus, the founder of Grameen Bank and 2006 Nobel Peace Prize winner, said Monday in Mexico City that the bank for the poor will begin to operate in Mexico with an initial capital of 45 million dollars.

The foundation led by Slim - ranked by Forbes magazine in March as the world's second-richest man with an estimated wealth of 60 billion dollars behind investor Warren Buffett - is set to provide 5 million dollars of initial capital and 40 million dollars in loans.

The bank created by Yunus in Bangladesh revolutionized the world of micro-finance by granting small loans with low interest rates to women who were too poor to qualify for traditional bank loans.

Slim noted that they expect 80,000 micro-credits in a first stage of the project.

Source : The Earth Times

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