Wednesday, January 12, 2011

Economics and Development

Microlenders, Honored With Nobel, Are Struggling

In 2006, Grameen Bank,  pioneered microcredit in India. Along with its founder Grameen Bank was awarded the Nobel Peace Prize. However less than 5 years later there has been hostility toward microfinance-  a sharp reversal from the praise and good will that politicians, social workers and bankers showered on the sector in the last decade.In India- home to the world’s fastest-growing microcredit businesses, lending has slowed sharply since the state adopted a strict law restricting lending. View Story in Detail


Picture: Kainaz Amaria for The New York Times

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