World Bank should be “bank for the poor”: Yunus

23 May 2007 at 10:42 am | Posted in Muhammad Yunus, News, Nobel Peace Prize, Sydney Peace Prize | Leave a comment

Professor Muhammad Yunus said on Tuesday that the World Bank should be turned into a “bank for the poor” with the aim of ultimately diminishing poverty worldwide, the Associated Press reported.

The Nobel laureate and inaugural Sydney Peace Prize recipient said: “I hope that somebody who can change (the World Bank) is going to take the position.”

A change is needed to appeal to the very people it was designed to help, he said. “Convert the bank into a bank for the poor, that the poor people in the world can look up to it and say ‘yes, this is for us, we can use this,'” Yunus said.

Meanwhile, the microcredit finance system Yunus has pioneered is making headways in America. H&R Block Inc has said that it will be providing financial assistance and other services to help lower-income Americans.

The largest American tax preparation company said it has provided initial funding to Grameen America to establish a pilot program in New York City. The programme will provide small, low-interest loans of $500 to $1,500, basic banking services, savings programs and financial education. The programme will begin later in the year.

The majority owner of Grameen America is Grameen Trust, which was founded by Yunus.

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