Industry / Bahrain
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Grameen Establishes Micro-Finance Bank For Poor
April 2007 | Industry NewsSorry, you must be a subscriber to view this article in full. If you are a subscriber please login.
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The Bahraini government has recently signed a Memorandum of Understanding (MoU) with Dr Muhammad Yunus, the Nobel Peace Prize winning founder of Grameen Bank, a micro-finance institution which provides funding for the poor. Through a network of financial institutions, the bank gives small loans, usually less than US$200, to individuals to establish or expand small, self-sustaining businesses. The bank also provides technical assistance, training and technology-transfer to these individuals (mostly women) who would otherwise not have access to financial funding. According to the MoU, the Grameen Foundation will help Bahrain establish a new bank called the Family Bank.