On March. 12, 2009, One Foundation executives hosted a workshop with Noble Prize Laureate, Bangladeshi Economist, Mr. Muhammad Yunus and NGO workers. The discussion focused on the status quo of microfinance and social responsibility investment in the future. The attendants shed lights on issues concerning microfinance in global financial crisis, the future of microfinance, responsible corporate poverty alleviation and microfinance development in China.
Mr. Yunus and One Foundation Executive Chairperson Ms. Zhou Weiyan
One Foundation executives say due to the diligent work of people like Mr. Yunus, microfinance in Bangladesh has made outstanding progress, many companies and people have become beneficiaries. This not only moved the people around the world, but also set a great example for other third world countries. The talk also stressed the importance of cooperation between China and Bangladesh in microfinance and poverty alleviation.
Microfinance refers to provision of financial services to poor or low-income clients, and the practice of sustainably delivering those services. Currently, almost all internationally recognized microfinance projects started in the 70s or 80s of the last century. A variety of financial institutions and NGOs provide microfinance.
After more than two decades of development, microfinance has witnessed its rapid growth in the most recent ten years. It has covered most of developing countries and some developed ones. In terms of its scale, there are already examples on a national level. In terms of organizational precedent, there are successful cases in which banks provide microfinance. And there are examples in which NGOs are able to maintain growth while benefiting the most needed, financial institutions that are specialized in microfinance and special banks for special demand. However, the history of microfinance is still relatively short with less than satisfactory success rate; many challenges still lie ahead for this relatively new invention. At present, there are still much to explore in the uncharted water of microfinance, and there are many questions awaiting answers from researchers, parishioners as well as policy makers.
About Yunus
Muhammad Yunus, Banker and Economist to the poor, founder of Grameen Bank, author of Banker to the Poor.
He pioneered and developed Microfinance service, providing it to entrepreneurs too impoverished to get loans from traditional bank. He is also the founder of Bangladeshi Grameen Bank. In 2006, “for their efforts to create economic and social development”, along with Grameen Bank, he was awarded the Nobel Peace Prize of the year. He has won over 60 other awards, including the Ramon Magsaysay Award, the World Food Prize in 1994, the Sydney Peace Prize in 1998 and in December 2007 the Ecuadorian Peace Prize.
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