08 Grameen Bank


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  • 08 Grameen Bank

    1. 1. GRAMEEN BANK
    2. 2. Introduction <ul><li>Founded by Professor Mohammed Yunus in 1976 </li></ul><ul><li>Dr. Yunus is the winner of the 1994 World Food Prize </li></ul><ul><li>The largest rural finance institution in Bangladesh </li></ul><ul><ul><li>2,431 branches </li></ul></ul><ul><ul><li>78,659 villages (more than 94% of total villages in Bangladesh)‏ </li></ul></ul><ul><ul><li>7.21 million borrowers </li></ul></ul><ul><ul><li>97% women </li></ul></ul><ul><li>Loan size 318 bn T </li></ul><ul><li>Default Rate < 2% </li></ul><ul><li>Interest rate : 20% (declining basis) for income generating loans, 8% for housing loans, 5% for student loans, and 0% (interest-free) loans for Struggling Members (beggars)‏ </li></ul>
    3. 3. “ Grameen” bank, means the “rural” or the “village” bank What is Grameen Bank ? <ul><li>It provides credit and financial services : </li></ul><ul><li>Exclusively to the rural poor in Bangladesh. </li></ul><ul><li>Without any collateral for creating self employment opportunities to quickly increase their income and empower the poor </li></ul><ul><li>Banking system based on mutual trust, accountability, participation and creativity </li></ul><ul><li>Serves as a catalyst in the over all </li></ul><ul><li>development of socio-economic </li></ul><ul><li>conditions of the poor </li></ul>
    4. 4. Objectives <ul><li>Extend banking facilities to poor men and women </li></ul><ul><li>Eliminate the exploitation of the poor by money lenders </li></ul><ul><li>Create opportunities for self-employment for the vast multitude of unemployed people in rural Bangladesh </li></ul><ul><li>Bring the disadvantaged, mostly the women from the poorest households, within the fold of an organizational format which they can understand and manage by themselves </li></ul><ul><li>Reverse the age-old vicious circle of &quot; low income, low saving & low investment &quot;, into virtuous circle of &quot; low income, injection of credit, investment, more income, more savings, more investment, more income ” </li></ul>
    5. 5. GRAMEEN BANK Covers almost the Whole Country
    6. 6. 2,431 Branch Office Each Centre made up of 8 Group of 5 borrowers each Group Organization Structure 50-60 Centres per Branch 7.21 million borrowers Head Office 18 Zonal Office 123 Area Office
    7. 7. <ul><li>Basic Loan </li></ul><ul><li>Housing Loan </li></ul><ul><li>Higher Education Loan </li></ul>Loans Programme
    8. 8. Microcredit : An Overview <ul><li>Extension of very small loans (microloans) to the unemployed, to poor entrepreneurs and to others living in poverty </li></ul><ul><li>Typically borrowers are people not considered bankable </li></ul><ul><li>7,000 microfinance institutions, serving some 16 million poor people in developing countries (World Bank estimates)‏ </li></ul><ul><li>500 million households benefit from these small loans </li></ul><ul><li>Examples: Grameen Bank, SKS India, Women’s World Banking </li></ul>
    9. 9. Basic Loan Flexible Loan
    10. 10. Social Collateral Approach: Peer Group of Borrowers  Collateral <ul><li>Small borrowers self-select into group </li></ul><ul><li>Information </li></ul><ul><li>Diversification </li></ul><ul><li>Peer pressure ensures repayment </li></ul><ul><li>Individual finds others to co-sign or guarantee </li></ul><ul><li>Banker must screen </li></ul><ul><li>Diversification is banker’s responsibility </li></ul><ul><li>Banker monitors borrower for repayment </li></ul>Social Collateral approach : Traditional credit approach:
    11. 11. Key Features of Social Collateral Approach 1.Peer pressure 2. Information transfer 3. Mutual insurance 4. Cooperation
    12. 12. Peer Pressure <ul><li>Joint liability: every member of the peer group is in default if any member is. </li></ul><ul><li>If peers can/will impose social penalties on each other, this adds an additional incentive not to default on one’s portion. </li></ul><ul><li>=> reduces moral hazard </li></ul><ul><li>reduces the riskiness of the loans </li></ul><ul><li>increases likelihood of obtaining the loan </li></ul>
    13. 13. <ul><li>Borrowers self-select into groups with people they know and trust . </li></ul><ul><li>reduces incidence of adverse selection </li></ul><ul><li>new or low income entrepreneurs more welcome </li></ul><ul><li>increased value of the group loan as an asset (to the lender)‏ </li></ul>Information Transfer
    14. 14. Mutual Insurance <ul><li>The group is a safety net against default and its consequences for each borrower and the lender. Members effectively insure each other across project-specific downside risks. => Less credit risk. => Applications rates rise. => Loan approval rates can rise. </li></ul>
    15. 15. <ul><li>Cooperation allows for bundling of too small loans into one reasonable size loan . </li></ul><ul><li>Cooperation = coordination to simultaneously open the right mix of interdependent businesses . </li></ul><ul><li>enhances lending efficiency </li></ul><ul><li>enhances value of pre-existing collateral </li></ul><ul><li>borrower group is self-diversified </li></ul>Cooperation
    16. 16. The 4 Principles of Grameen Bank <ul><li>Discipline </li></ul><ul><li>Unity </li></ul><ul><li>Courage </li></ul><ul><li>Workers </li></ul>
    17. 17. The 16 Decisions of Grameen Bank <ul><li>To respect the four principles of the Grameen Bank </li></ul><ul><li>To provide good living standards for families </li></ul><ul><li>To repair dilapidated houses and work to build new ones. </li></ul><ul><li>To cultivate vegetables the whole year round and sell the surplus. </li></ul><ul><li>To pick out seedlings during the season for planting, </li></ul><ul><li>To have small families, reduce expenses to a minimum and take care of health. </li></ul>
    18. 18. The 16 Decisions of Grameen Bank <ul><li>To educate children and ensure their earning capability </li></ul><ul><li>To ensure cleanliness of children and homes </li></ul><ul><li>To build latrines and use them. </li></ul><ul><li>To only drink water drawn from a well. If not, boil the water or use alum. </li></ul><ul><li>To not accept a marriage dowry for sons and not give one to daughters at their marriage. </li></ul>
    19. 19. <ul><li>To cause harm to no one and to not tolerate anyone who should do us harm. </li></ul><ul><li>To make important investments in common to increase our income </li></ul><ul><li>To be always ready to help each other. </li></ul><ul><li>To help and restore order if we learn that discipline is not respected in a centre </li></ul><ul><li>To introduce physical culture in all centres and to take part in all social events </li></ul>The 16 Decisions of Grameen Bank
    20. 20. Indicators of Poverty Level <ul><li>A Grameen Bank borrower is said to have moved out of poverty if the family satisfies the following criteria: </li></ul><ul><ul><li>The family lives in a house worth at least Tk. 25,000 or a house with a tin roof, and each member of the family is able to sleep on a bed instead of on the floor. </li></ul></ul><ul><ul><li>Family members drink pure water of tube-wells, boiled water or water purified by using alum, arsenic-free, purifying tablets or pitcher filters. </li></ul></ul><ul><ul><li>All children in the family over six years of age are all going to school or finished primary school. </li></ul></ul>
    21. 21. Indicators of Poverty Level <ul><li>Minimum weekly loan installment of the borrower is Tk. 200 or more. </li></ul><ul><li>Family uses sanitary latrine. </li></ul><ul><li>Family members have adequate clothing for every day use, warm clothing for winter, such as shawls, sweaters, blankets, etc, and mosquito-nets to protect themselves from mosquitoes. </li></ul><ul><li>Family has sources of additional income, such as vegetable garden, fruit-bearing trees, etc, so that they are able to fall back on these sources of income when they need additional money. </li></ul>
    22. 22. Indicators of Poverty Level <ul><li>The borrower maintains an average annual balance of Tk. 5,000 in her savings accounts. </li></ul><ul><li>Family experiences no difficulty in having three square meals a day throughout the year, i. e. no member of the family goes hungry any time of the year. </li></ul><ul><li>Family can take care of the health. If any member of the family falls ill, family can afford to take all necessary steps to seek adequate healthcare. </li></ul>
    23. 23. The Credit Delivery System <ul><li>Exclusive focus on the poorest of the poor </li></ul><ul><ul><li>Clear eligibility criteria for targeted clientele </li></ul></ul><ul><ul><li>Priority for credit increasingly given to women </li></ul></ul><ul><ul><li>Delivery system in sync with the socio-economic needs of the poor </li></ul></ul><ul><li>Borrowers organised into small homogeneous groups </li></ul><ul><ul><li>Primary groups of 5 members which are federated into centres </li></ul></ul><ul><ul><li>Centres functionally linked to the Grameen Bank </li></ul></ul><ul><ul><li>Centre meetings for workers every week </li></ul></ul><ul><ul><li>Facilitate group solidarity and participatory interaction </li></ul></ul><ul><li>Special loan conditionalities suited for the poor </li></ul><ul><ul><li>Small loan amounts without collateral </li></ul></ul><ul><ul><li>Repayment in weekly installments spread over a year </li></ul></ul><ul><ul><li>Loan eligibility depends on past credit history </li></ul></ul><ul><ul><li>Individual, self-chosen, quick income generating activities </li></ul></ul><ul><ul><li>Close supervision of credit </li></ul></ul><ul><ul><li>Transparency in bank transactions </li></ul></ul>
    24. 24. The Credit Delivery System <ul><li>Simultaneous undertaking of social development agenda </li></ul><ul><ul><li>Raise social and political consciousness of the newly organized groups </li></ul></ul><ul><ul><li>Increasing focus on poor women </li></ul></ul><ul><ul><li>Encourage and monitor social and physical infrastructure projects </li></ul></ul><ul><li>Design and development of organization and management systems </li></ul><ul><ul><li>Special training needed for highly motivated staff </li></ul></ul><ul><ul><li>Gradually decentralized decision-making and operational authority </li></ul></ul><ul><li>Expansion of loan portfolio to meet the needs of the poor </li></ul><ul><ul><li>Credit for building latrines </li></ul></ul><ul><ul><li>Credit for installing tube-wells </li></ul></ul><ul><ul><li>Credit for seasonal cultivation </li></ul></ul><ul><ul><li>Credit for joint enterprises of the group and the centre </li></ul></ul><ul><ul><li>Finance projects undertaken by fmily of borrower </li></ul></ul>
    25. 25. Loans paid off at death <ul><li>Loan insurance program to cover for death </li></ul><ul><li>Each time a loan is given 3% of the loan amount is deposited in loan insurance fund </li></ul><ul><li>This amount transferred from special savings account </li></ul><ul><li>If current balance in the insurance savings account is more than/ equal to 3% no deposit required </li></ul><ul><li>Loan insurance is extended to husbands with additional deposits </li></ul><ul><li>Outstanding amount of loan paid-off if husband dies </li></ul>
    26. 26. Loan insurance statistics <ul><li>Total deposits in loan insurance savings account USD 55.68 milion </li></ul><ul><li>Upto date 64480 insured borrowers died </li></ul><ul><li>Total outstanding loans and interest of USD 6.72 million paid-off by bank </li></ul><ul><li>Families of deceased not required to pay the loans </li></ul>
    27. 27. Life insurance <ul><li>Borrowers are automatically insuerd by being shareholders of the bank </li></ul><ul><li>Borrowers not required to pay any premuim </li></ul><ul><li>Life insurance benefits of USD 0.12 to 0.14 million paid each year </li></ul><ul><li>Total of 94216 insured borrowers have died so far </li></ul><ul><li>Total insurance amount worth USD 3.72 million has been paid </li></ul>
    28. 28. Pension fund for borrowers <ul><li>Pension fund introduced for the old aged </li></ul><ul><li>Borrowers required to save USD 0.72 per month for 10 years </li></ul><ul><li>At maturity the borrower gets twice the money she deposited </li></ul><ul><li>Current balance under this account is USD 212.66 miion with USD 56.73 added in past year </li></ul>
    29. 29. Loan loss reserve <ul><li>Loan not paid on time is converted into flexible loan with 50% provisioning done at first annual closing </li></ul><ul><li>100% provisioning done at end of second year </li></ul><ul><li>At end of third year full loan amount written off even if loan repayment continues </li></ul><ul><li>Loan reserves worth USD 40.49 million and writen off amount USD 24.6 million </li></ul>
    30. 30. Retirement benefits paid out <ul><li>Any staff can retire after 10 years of service </li></ul><ul><li>Gets retirement benefits in cash worth avg USD 10040 </li></ul><ul><li>Paid within one month of retirement </li></ul><ul><li>6421 staff members have retired </li></ul><ul><li>Total mount worth USD 64.47 million paid </li></ul>
    31. 31. Vicious cycle of poverty <ul><li>Formation of group of 5 people to provide mutual moral group guarantees </li></ul><ul><li>At first 2 members of group given loan </li></ul><ul><li>Depending on their performance next two borrowers can apply </li></ul><ul><li>Women given access to credit proved to be good borrowers and astute entrepreneurs </li></ul><ul><li>Today over 90% of customers are women </li></ul>
    32. 32. Vicious cycle of poverty <ul><li>Intensive discipline, supervision & servicing are carried out by bicycle bankers with considerable delegated authority </li></ul><ul><li>Rigorous selection of borrowers and projects and powerful peer pressure used </li></ul><ul><li>Repayment scheme based on 50 weekly installments </li></ul><ul><li>Savings are encouraged </li></ul>
    33. 33. Objections overcome <ul><li>Poor would not be able to find remunerative occupations </li></ul><ul><li>Poor would not be able to repay </li></ul><ul><li>Poor women not bankable </li></ul><ul><li>Poor cannot save </li></ul><ul><li>Rural power structures would ensure that the bank failed </li></ul>
    34. 34. Method of action <ul><li>A credit system must be based on a survey of the social background rather than on a pre-established banking technique </li></ul><ul><li>Development is a long-term process which depends on the aspirations and commitment of the economic operators </li></ul><ul><li>Make sure that the credit system serves the poor, credit officers visit the villages, enabling them to get to know the borrowers. </li></ul><ul><li>Serve the most poverty-stricken people needing investment resources. </li></ul><ul><li>At the beginning, restrict credit to income-generating production operations, freely selected by the borrower. Make it possible for the borrower to be able to repay the loan. </li></ul>
    35. 35. Method of action <ul><li>Lean on solidarity groups: small informal groups consisting of co-opted members coming from the same background and trusting each other. </li></ul><ul><li>Associate savings with credit without it being necessarily a prerequisite. </li></ul><ul><li>Combine close monitoring of borrowers with procedures which are simple and standardized as possible. </li></ul><ul><li>Do everything possible to ensure the system's financial balance. </li></ul><ul><li>Invest in human resources: training leaders will provide them with real development ethics based on rigour, creativity, understanding and respect for the rural environment. </li></ul>
    36. 36. Is Grameen Bank Sustainable? <ul><li>In order to be sustainable, the bank must </li></ul><ul><ul><li>Promote its organizational development within given costs for its institutional viability </li></ul></ul><ul><ul><li>Operate efficiently, given the program design and institutional framework, to attain financial and economic viability </li></ul></ul><ul><ul><li>Help generate sustainable benefits for its members to reduce their poverty and achieve borrower viability </li></ul></ul>
    37. 37. Is Grameen Bank Sustainable? <ul><li>Financial & Economic Viability </li></ul><ul><ul><li>Reduced dependency on Subsidies </li></ul></ul><ul><ul><ul><li>Since economies of scale exist in branch operation, Grameen Bank has the potential to eliminate subsidies through expanding its membership and lending </li></ul></ul></ul><ul><ul><ul><li>Through increased membership and lending, the Bank has reduced its subsidy dependency to 0% from 23 % of subsidy per Taka lending in 1987 </li></ul></ul></ul><ul><ul><li>Profitability of Branches </li></ul></ul><ul><ul><ul><li>Majority of its 2431 branches are now operating with profits. It takes about five years of operation for a branch to realize a profit. </li></ul></ul></ul>
    38. 38. Is Grameen Bank Sustainable? <ul><li>Institutional Viability </li></ul><ul><ul><li>Grameen Bank has institutionalized a decentralized management structure with a cadre of dedicated professionals that is operating without much of Prof. Muhammad Yunus ’ involvement </li></ul></ul><ul><li>Borrower Viability </li></ul><ul><ul><li>Low drop-out rates: 15% </li></ul></ul><ul><ul><li>40% annual growth rate in savings </li></ul></ul><ul><ul><li>Grameen Bank has recorded exceptionally high recovery rates (about 98 %), highest among DFI’s </li></ul></ul>
    39. 39. Challenges in Sustainability <ul><li>Expansion depends on the entrepreneurial ability of borrowers and market opportunities </li></ul><ul><li>Continued support of traditional non-farm activities may not prove self- sustaining as Grameen Bank expands. </li></ul><ul><li>The Bank must be able to expand lending in more growth-oriented activities for its survival in the long run. </li></ul>
    40. 40. Poverty Reduction Strategy : The Grameen Bank Experience <ul><li>Targets and mobilizes the poor </li></ul><ul><ul><li>Creates social and financial conditions so that they receive credit by identifying a source of self-employment in familiar rural non-farm activities </li></ul></ul><ul><li>Targets women more than men </li></ul><ul><ul><li>women are more likely to reinvest their earnings in the business and improve the living standards of their families </li></ul></ul><ul><li>Offers support services </li></ul><ul><ul><li>Offers business advice and counseling, while clients provide peer support for each other through solidarity circles </li></ul></ul><ul><li>Recycling of funds </li></ul><ul><ul><li>continual reinvestment of repaid loans multiplies the impact of each dollar loaned. </li></ul></ul>
    41. 41. Struggling members programme <ul><li>Focuses on distributing small loans to beggars </li></ul><ul><li>The existing rules of banking are not applied: </li></ul><ul><ul><li>The loans are completely collateral-free and interest free. </li></ul></ul><ul><ul><li>The repayment period can be arbitrarily long </li></ul></ul><ul><ul><li>The borrower is covered under life insurance free of cost. </li></ul></ul><ul><ul><li>The struggling members (beggars) are not required to form any micro credit group. </li></ul></ul><ul><li>The bank does not force borrowers to give up begging </li></ul><ul><ul><li>Rather encourages them to use the loans for generating income by selling low-priced items. </li></ul></ul>
    42. 42. Struggling members programme <ul><li>The goal of the programme is not only to economically empower but also to boost the morale and dignity of the beggars </li></ul><ul><ul><li>The bank treats its struggling members with the same respect and attention as regular members and refrains from using the term “beggar. </li></ul></ul><ul><ul><li>They are given identity badges with the bank’s logo as physical evidence of the Bank’s support behind them </li></ul></ul><ul><ul><li>The bank has arrangements with local shops to give the members a credit line up to a given amount to pick-up any merchandise from the store and sell in the village </li></ul></ul><ul><ul><li>The regular group members act as mentors to the struggling members, providing guidance and support to them </li></ul></ul><ul><li>As of 2005 </li></ul><ul><ul><li>Around 45,000 beggars have taken loans of about Tk 28.7 million (approx. US$441,538) and repaid Tk. 13.66 million (about US$210,154). </li></ul></ul><ul><ul><li>A total of 786 members have already quit begging </li></ul></ul>
    43. 43. Rural telephone programme <ul><li>A programme to bring telephones to distant villages </li></ul><ul><li>Using the nationwide network of Grameen phone , Grameen Telecom , brought radio-telephones and mobile phones to almost half of the villages of Bangladesh </li></ul><ul><li>The bank distributed loans to almost 139,000 poor women in rural areas to pay for the phones. </li></ul><ul><li>The women set up call centers in their homes where the other villagers can come and pay a small fee for using the phone. </li></ul>
    44. 44. GRAMEEN BANK-II
    45. 45. BACKGROUND <ul><li>Existing Repayment crises </li></ul><ul><li>Floods in 1998 caused widespread havoc </li></ul><ul><li>Grameen Bank conceptualizes Rehabilitation Program </li></ul><ul><ul><li>Fresh loans to start income generation and repair of houses </li></ul></ul><ul><li>Installment sizes exceed borrower’s capacity </li></ul><ul><ul><li>Led to repayment crisis </li></ul></ul><ul><ul><li>Borrowers demanded refund of “group tax” </li></ul></ul><ul><ul><li>Snowballing effect: one defaulter prompted other borrowers not to repay </li></ul></ul>
    46. 46. Grameen Bank-II <ul><li>Back to the Drawing Board </li></ul><ul><li>Design of a new methodology </li></ul><ul><li>Incorporating all lessons learnt </li></ul><ul><li>Design pilot tested in certain regions </li></ul><ul><li>After repeated fine-tuning and testing, the new system (GGS) was ready for implementation </li></ul>
    47. 47. The Transition <ul><li>Intensive staff training program </li></ul><ul><ul><li>Introduction to GGS </li></ul></ul><ul><ul><li>Quelled any resistance from staff </li></ul></ul><ul><li>Mammoth task of transition from GCS to GGS across 1175 branches </li></ul><ul><li>Transition took more than a year and GGS was in place by august 2002. </li></ul>
    48. 48. Grameen Bank-II <ul><li>Changes Galore…. </li></ul><ul><ul><li>No general/seasonal/family loans </li></ul></ul><ul><ul><li>No branch-wise, zone-wise ceiling </li></ul></ul><ul><ul><li>No Fixed weekly installment </li></ul></ul><ul><li>However, underlying assumption is the same </li></ul><ul><ul><li>“ Poor people always pay back their loans” </li></ul></ul>
    49. 49. Grameen Generalized System <ul><li>Based on one prime product </li></ul><ul><ul><li>The basic loan </li></ul></ul><ul><li>In addition two loan products </li></ul><ul><ul><li>Housing Loan </li></ul></ul><ul><ul><li>Higher education loan </li></ul></ul><ul><li>Borrowers on the verge of default are given an alternative route </li></ul><ul><ul><li>Flexible loan </li></ul></ul><ul><ul><ul><li>Involves re-negotiation to arrive at a fresh repayment schedule </li></ul></ul></ul>
    50. 50. Flexible Loan <ul><li>Just a Re-scheduled loan </li></ul><ul><li>Does not imply that the borrower would not repay </li></ul><ul><li>Acts as a cushion for the borrower and helps him to get back on the “credit highway” </li></ul><ul><li>Normal flexi-loan period ranges from 6 months to 2 years </li></ul><ul><li>Bank has to provide for the flexi-loan during this period </li></ul><ul><ul><li>An additional cost for the bank </li></ul></ul><ul><li>Cost is minimized by creatively designing the Basic Loan </li></ul><ul><li>Removes tension from both the bank and borrower </li></ul>
    51. 51. Default under Flexi-Loan <ul><li>Willing Defaulter </li></ul><ul><ul><li>Unable to repay </li></ul></ul><ul><ul><li>Takes flexi-loan repeatedly </li></ul></ul><ul><ul><li>Still unable to repay </li></ul></ul><ul><li>Unwilling Defaulter </li></ul><ul><ul><li>Unable to repay </li></ul></ul><ul><ul><li>Not willing to take the flexi-loan </li></ul></ul>
    52. 52. Advantages of GGS <ul><li>Custom-made micro-credit </li></ul><ul><li>Encourages staff to be creative </li></ul><ul><li>Pension fund promotes self-reliance </li></ul><ul><li>Loan Insurance is a borrower friendly measure </li></ul><ul><li>Loan Ceiling grows with the borrower </li></ul>
    53. 53. What has GGS achieved?? <ul><li>Enthusiastic staff </li></ul><ul><ul><li>Urge to create five-star branches </li></ul></ul><ul><li>Repayment rate of 98% </li></ul><ul><li>Put borrowers out of poverty </li></ul><ul><li>Happy and growing borrower base </li></ul>
    55. 55. Grameen Bank Replication Program (GBRP)‏ <ul><li>As a response to growing demand </li></ul><ul><li>Grameen Trust (GT) supports all replication projects </li></ul><ul><li>Promising individuals are invited to Grameen Bank branches and trained </li></ul><ul><li>Highly committed project leads are chosen </li></ul><ul><li>Financial, technical and information support are provided </li></ul>
    56. 56. REPLICATORS <ul><li>Savings program in operation for at least 2 years </li></ul><ul><li>Reached at least 500 homes </li></ul><ul><li>Cumulative repayment rate of 95% or more </li></ul><ul><li>Mobilized borrower saving of 10% of loans </li></ul>
    57. 57. Replications <ul><li>Grameen Bank replications in 30 countries, including the United States </li></ul><ul><li>The most well-established is ACCION International </li></ul><ul><ul><li>Originally founded in 1961 to aid Latin America </li></ul></ul><ul><ul><li>Has opened six associate organizations in the United States </li></ul></ul><ul><ul><li>Follows the basic Grameen model and has similar objectives </li></ul></ul><ul><li>Others replications </li></ul><ul><ul><li>Full City Fund, Chicago </li></ul></ul><ul><ul><li>Good Faith Fund, Arkansas </li></ul></ul><ul><ul><li>Lakota Fund, South Dakota </li></ul></ul><ul><ul><li>Small Enterprise Foundation, South Africa </li></ul></ul>
    58. 58. Grameen Bank Outreach <ul><li>Simple, Universal Concept </li></ul><ul><li>Far Reaching Impact </li></ul><ul><li>Easily adaptable to different countries </li></ul><ul><ul><li>Adapted in the US, Australia, Costa Rica and many more countries </li></ul></ul><ul><li>Attracts the poorest of the poor </li></ul>
    59. 59. Outreach……. <ul><li>Some projects that have adopted the Grameen approach: </li></ul><ul><ul><li>Amanah Iktiar, Malaysia </li></ul></ul><ul><ul><li>Projek Usahmaju, Malaysia </li></ul></ul><ul><ul><li>Project Dungganon, Negros, Philippines </li></ul></ul><ul><ul><li>Ahon sa Hirap, Laguna, Philippines </li></ul></ul><ul><ul><li>Karya Usaha Mandin, Indonesia </li></ul></ul><ul><ul><li>Savecred, Sri Lanka </li></ul></ul>