The traditional FinU International Forum will be held on November 22-23, 2022.
Today we would like to introduce you to a special guest of the Forum: Muhammad Yunus – banker, Professor of Economics, winner of the 2006 Nobel Prize.
After receiving a degree in the USA and a doctorate from Vanderbilt University, Yunus returned to his native Bangladesh to take part in a state program to combat poverty. After the 1974 famine, which claimed the lives of 1.5 million Bangladeshis, Yunus began to study the causes of poverty. He found that many people would like to become entrepreneurs, but the unavailability of loans prevents them from escaping poverty: they are forced to borrow money for the goods production from moneylenders, for a short time and at a very high interest rate. Then Yunus founded his own Grameen Bank and began to issue micro-loans from $ 100 at an atypical percentage for MFOs (from 15%).
Thus, the work of Grameen Bank saved hundreds of thousands of people from poverty, and due to the low (from 0.5 to 3%) share of loan defaults, the bank quickly turned a profit. The successful experience was first appreciated by the Government, in 1996, Muhammad Yunus became an adviser to the Government of Bangladesh, and then a Nobel laureate: in 2006, he was awarded the Peace Prize for his contribution to the combat against poverty.
As part of our Forum, Mr. Yunus will deliver a lecture on the topic “Creating a New World – an Economy of Three No’s: No Poverty, No Unemployment and No Greenhouse Gas Emissions’.
Register here
