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Old October 15, 2008, 11:17 AM
Ankesh's Avatar
Ankesh Ankesh is online now
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Location: Mumbai, India
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Default Re: Define Poverty...

Thanks Steve.

That someone is Muhammad Yunus. He is from Bangladesh. He started the Grameen Bank. Which has been modeled by a lot of other countries now.

And the bank had 98% rate of loan payback because Muhammad gave out loans only when people who wanted money grouped together.

The groups added to peer pressure - the groups made sure that each member paid their loans on time. And each person worked hard. The group also worked as a mastermind - helping a member with difficulties.

So it wasn't just micro-financing. It was micro-financing + groups that did that trick.
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