Georgia Institute of Technology Video Description: The IMPACT Speaker Series, presented by the College of Management and the Institute for Leadership and Entrepreneurship from Thursday, August 26:
Muhammad Yunus and Grameen Bank were awarded the 2006 Nobel Peace Prize in equal parts for their efforts to create economic and social development from below through a microcredit delivery system to provide banking services for the rural poor.
Dr. Yunus’ vision is the total eradication of poverty from the world.
The Grameen Bank, which began as a research project by Dr. Yunus in 1976 to explore a credit delivery service system for the rural poor, has reversed conventional banking wisdom by focusing on women borrowers, dispensing of the requirement of collateral and extending loans only to the very poorest borrowers.
Today, more than 250 institutions in nearly 100 countries operate micro-credit programs based on the Grameen Bank model.