The Power of Little Loans
While loans to poorer people are at the root of a financial crisis here in the West, Tina Goodman, a Masters student in International Economics and Finance at the University of Queensland, Australia, is seeing how loans to the poor in West Bengal are helping people out of poverty.
West Bengal is an eastern state in India with a population of around 82 million, the fourth most populated state in the eastern region of India. Tina is finding out about microfinance and the effects it has on individuals and communities. She is also looking at development issues within India and successful policies that have been advocated by economists.
While in India, Tina has been filming her discoveries and experiences. You will be able to view this film on this site when she returns in December; meanwhile, you can follow her journey through her blog.
Mohammad Yunus is a great believer of microfinance and its strengths. In 2006 he shared the Nobel Peace Prize with the Grameen Bank due to his pioneering ideas. He was the founder of the Bank which has ‘reversed the conventional banking system by removing the need for collateral and creating a banking system based on mutual trust, accountability, participation and creativity.’ (Grameen Bank)
For further reading see the Nobel Peace Prize 2006
October 12th, 2014 at 10:21 pm
To read articles like this excites me to know that there is hope for relieving some of the poverty countries face. So,I would like to ask this same question to you when looking Africa’s way: How can we adapt this idea when talking about Africa?
Looking forward to your reply.