Muhammad Yunus, Economist

Muhammad Yunus, Economist
New Statesmen

You are famous for pioneering microfinance can you explain what that Is simply?

It is credit given to the poorest people, without collateral, to create some  income-generating activity …a small loan go1ng to a poor woman.

What inspired yon to set up the microfinance-led Grameen Bank?

I saw a loan shark in the village and  I got so upset, because he took control of people’s lives. I wanted to know how much  money was involved; when my list was complete, there were 42- people  on that list (and the] total money borrowed was $27.So I said: "My God, for this money people have to suffer so much." I went to see if the bank wi1llend the money. The bank said: "No way, poor people are not creditworthy. They will eat up your money." I said, "No, you will see.” I offered myself as a guarantor.

See full interview here