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March 09 2011
Did The Father Of Microfinance Just Get Fired?
Muhammad Yunus — Bangladeshi economist, Nobel laureate, father of microfinance — may or may not have been fired this week. This is the latest in a string of problems in the microfinance world.
In 1976, Yunus launched a project to explore making very small loans to very poor people in rural Bangladesh. That project grew into Grameen Bank, which became famous around the world as a model for what came to be known as microfinance.
Yunus has continued to run Grameen. But the government of Bangladesh, which owns a minority stake in the bank, appoints the chairman of the bank’s board. The chairman says Yunus has been dismissed.
The reason? He is ten years past Bangladesh’s mandatory retirement age. Although many say its a political battle from the backlash against microfinance.
Reposted from
timedesk
timedesk