Dr. Yunus, founder of Grameen Bank, a Bangladeshi microbank, sat down with the likes of Secretary of State Condoleezza Rice, Prime Minister Tony Blair, Secretary General KofÌÐ Annan, World Bank Group President Paul Wolfowitz, and Omidyar Network founder Pierre Omidyar at Clinton’s Global Summit. The Grameen Foundation USA (GFUSA), a non-profit spin-off of Dr. Yunus’ Bangladeshi microbank, took the opportunity to announce the launch of its $50 million guarantee fund, $5 million of which is already committed by Ms. McKinley, a California philanthropist who made her money as the director of Capital Research and Management Company. GFUSA seeks to hit its $50 million target within the next year.
Additional Resources
1) Clinton Global Initiative.
2) New Fund Featured in Clinton Global Initiative Book Offers up to $50 million to Guarantee Microfinance Loans for the Poor.
3) California Couple Donates $10 Million to Combat Poverty Around the World.
4) Insight 15: Bridging the Finance Gap: ACCIONs Experience with Guarantee Funds for Microfinance Institutions.
5) IFC Supports Financiera Compartamos Bond Issue in Mexico through Partial Credit Guarantee First Investment Grade Bond Issue to Finance Microfinance Activities in Mexico.
6) Microcredit Development Fund Helps Transform Household Scraps into Sustainable Entrepreneurship.
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