Monday, January 24, 2011

Bangladesh probes bank founded by microfinance icon

In the latest crisis to hit the global microcredit industry, the Bangladeshi government launched an investigation recently of Nobel Peace laureate Muhammad Yunus's Grameen Bank whose microfinance model was hailed revolutionary and replicated worldwide. The investigation comes as other governments are scrutinizing the microcredit industry following reports of wildcat loans, sky-high interest rates and coercive debt collection sinking borrowers - many of them women into financial debt. As criticsms arise, is microfinance a viable future model for sustainable development? View this story in detail.

1 comment:

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