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Protect the independence of Grameen Bank and the integrity of Professor Yunus
an article by Liam Black, Friends of Grameen Bank
When we first created Friends of Grameen in December 2010 – with
the strong support of widely respected figures such as Mary Robinson and
Maria Nowak - our key objectives were to defend the independence of the
Grameen Bank; to preserve the integrity of Professor Yunus, and protect
his pioneering vision of microcredit and social business, as effective
ways of alleviating poverty. 
For
several months, with a number of others in Bangladesh and abroad, we
tried in all ways open to us to convince the Government of Bangladesh to
put an end to the relentless smear campaign against Professor Yunus. It
became clear very early on that the Government's aim was his removal as
Managing Director. All offers of mediated settlements and compromises
were flatly rejected.
In May this year, after the Chairman of
the Grameen Bank Employee Association was tortured, Professor Yunus
decided to step down, in spite of the fact that he was supported by the
bank’s board and by many thousands of people inside Bangladesh and
across the world, including 3.6 million women that signed a petition to
the Prime Minister asking that their bank remain independent. What they
can see – and this may be the ultimate goal of some of the most radical
quarters in Bangladeshi politics – is that the strategic and operational
independence of Grameen Bank – and the assets of the many millions of
its borrowers – are jeopardised by such heavy handed and crudely
politically motivated campaigns against its Nobel Prize winning founder.
Like
many people around the world, we were deeply shocked and saddened by
the forced resignation of Professor Yunus. It is impossible to see who
benefits by it – certainly not the poor of Bangladesh whose champion
Professor Yunus has been for more than three decades.
And so the work of solidarity and support continues.
We shall endeavour to preserve the pioneering model created by
the "banker to the poor"- a model heralded by the world's most eminent
economists, politicians and intellectuals, as an empowering tool for
poverty alleviation. A powerful and financially sustainable model which
has enabled people in Bangladesh living in rural communities to lift
themselves out of poverty, and change the destinies of their families
forever.
We will continue to argue the case for microcredit and
promote the social business model of non-loss, non-dividend companies
designed to address social objectives. Professor Yunus has successfully
established social businesses in Bangladesh, the Grameen sister
companies, and more recently such partnerships with some of the largest
international corporations across the world, and in doing so, is paving
the way for a “new form” of capitalism the world badly needs.
Grameen
has been rightly called a ‘dignity engine’, standing for something far
bigger in the world than simply financial services. The Friends of
Grameen will continue to honour, defend and promote this legacy of
Muhammad Yunus.
(Editor's note: Readers are invited to read the CPNN article
written when Muhammed Yunus received the Nobel Peace Prize. At that
time (in 2007) there was already great political unrest in Bangladesh
and Muhammed Yunus was trying to establish a new political party based
on the participants in the Grameen Bank.)
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DISCUSSION
Question(s) related to this article:
Is microcredit an empowering tool for poverty alleviation?
Thematic forum(s) in which this article is being discussed:
POVERTY REDUCTION - REDUCTION DE LA PAUVRETE
LATEST READER COMMENT:
Editor's
Note: European leaders evidently consider that microcredit is
effective for poverty allevation, as indicted by the following article:
Paris, 8th July 2011
Professor Yunus launches G20 international working group on microfinance in Paris, ahead of G8 Meeting
Responding
to President Sarkozy’s invitation, sent last April, to collaborate
within the framework of the French Presidency of the G20, Professor
Yunus was invited to Paris to launch an International working Group on
microfinance, ahead of the G8/G20 meeting in Cannes, to be held in
November.
The President of the finance Commission of the Senate
Jean Arthuis, governor of the Banque de France, Christian Noyer, and
former IMF Director Michel Camdessus, all testified of the pioneering
work accomplished by Professor Yunus and the Grameen Bank, highlighting
the fact that the model of microfinance has since been replicated across
the world. Referring to the situation in Bangladesh, Professor Yunus
emphasized that the further development of microcredit would require
more efficient global regulation, as well as a normalization of his
relationship with authorities in countries where microfinance has proved
to be a compelling tool for social and economic development.
Following
his meeting with President Sarkozy in December 2010, when they
discussed the social aspects of globalization, and the possibility of
opening up the G20, Professor Yunus was also met at the Elysée by
Secretary General Xavier Muscat. He reiterated the attachment of the
French Presidency to the development agenda of the G20, and in
particular, the social aspect, which Professor Yunus championed during
his participation in the preparatory work carried out in 2010. He also
emphasized the support of France in adopting a multidimensional approach
to the fight against poverty. He said:”France strongly supports the
work of Professor Yunus, not only in the field of microfinance, but also
social business”. During this meeting, Professor Yunus was, once again,
assured of the ongoing French support towards the independence of
Grameen Bank, and the respect of the rights of the millions of women who
own the Bank.
On 6th July, Professor Yunus spent the day in the
European Parliament in Strasbourg, where, during a series of private
meetings, he discussed the global microfinance situation and the future
of “social business”.. . ...more.
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