Dr. Muhammad Yunus to Work with Norway’s Foreign Ministry on Microcredit Projects in Africa Despite Conflict of Interest and Ongoing Tension with Telenor

Dr. Muhammad Yunus, winner of the 2006 Nobel Peace Prize and founder of the path breaking Grameen Bank, will work with the Norwegian foreign ministry as they introduce microcredit programmes into their international development and foreign aid efforts across Africa. Dr. Yunus will act as a special advisor to the ministry’s micro-credit project and furthermore, the Grameen Bank will also receive Norwegian funding. The Grameen Bank project started in Jobra, Bangladesh, and was established as an official bank in 1983. At the year end 2006 it reported a gross loan portfolio of USD 481,290,766 to the Mix Market, the microfinance information clearinghouse. In a more comprehensive report at the year end 2005 Grameen Bank had a debt to equity ratio of 553.25% and a return on assets of 0.32%.

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