NEWS WIRE: Mexico: Carlos Slim, Muhammad Yunus take Grameen Bank to Mexico

Source: The Earth Times.

Original news wire available here.

Mexico City, September 29 – Mexican multi-billionaire Carlos Slim and Muhammad Yunus, the founder of Grameen Bank and 2006 Nobel Peace Prize winner, said Monday in Mexico City that the bank for the poor will begin to operate in Mexico with an initial capital of USD 45 million. The foundation led by Slim – ranked by Forbes magazine in March as the world’s second-richest man with an estimated wealth of USD 60 billion behind investor Warren Buffett – is set to provide USD 5 million of initial capital and USD 40 million in loans.

The bank created by Yunus in Bangladesh revolutionized the world of micro-finance by granting small loans with low interest rates to women who were too poor to qualify for traditional bank loans.

Slim noted that they expect 80,000 micro-credits in a first stage of the project

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