The awarding of the 2006 Nobel Peace Prize to Mohammad Yunus and the Grameen Bank gave international recognition to the quiet movement of microfinance- a concept that converged two very different views of development, social development and market-driven development, together.
Grameen Foundation, inspired by the work of Grameen Bank, harnesses the power of socially minded, market driven microfinance to help the poor lift themselves from poverty in countries throughout the world.
To bridge the rural-urban, East-West poverty gap, GF’s strategy on the ground has been to increase the outreach of MFIs and to foster the support of the industry within China.
Starting in late 2005, the microfinance landscape in China changed significantly when the law was changed to allow microcredit companies (MCCs) and village banks. In response, in 2006 Grameen Foundation China launched a new strategy to engage several of the country’s most successful microfinance institutions (MFIs) and help them take full advantage of the new—and constantly developing—legal regulatory environment.
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