brilliant!!!

just read in the papers the other day... about one muhammad yunus. a nobel peace prize winner who truly deserves the prize.

what did he do? well, briefly, he give small loans out to the poor, to help them get out of poverty cycle. loans are mainly given out to women because "...in the families in which the women received the loans, the children were better cared for, the houses were better maintained... He found that women spent the money to improve their families' lives, while men often squandered it on luxuries or drugs". also because "...virtually all of the women repaid the loans, whereas men frequently fell behind in payments or defaulted...". this bank (Grameen Bank) has repayment rate of 98%!

the bank also follow up on borrowers. they hold training on banking procedures and dishes out financial advice. they further educate these borrowers on sanitation, nutrition, education and birth control. borrowers would also have to adhere to 16 principles which include educating their children, providing latrines, refusing to pay or accept dowries, etc. all these ensure the end of poverty cycle.

borrowers are organised into groups of five. the poorest two will be granted to loans first. if they do not default within a certain time frame, the others will receive their loans. peer pressure and group support plays an important role. weekly meetings are held to provide group therapy and support.

brilliant i say.... a brilliant man indeed to have thought of all these finer details. how's this for better distribution of wealth?

http://www.washingtonpost.com/wp-dyn/content/article/2006/10/13/AR2006101300535.html

http://www.washingtonpost.com/wp-dyn/content/article/2006/10/13/AR2006101300211.html