Nobel Peace Prize winning bank a step closer to opening in Scotland

29 February 2012

Nobel Laureate Professor Muhammad Yunus

Nobel Laureate Professor Muhammad Yunus

One of the most celebrated names in global development, Nobel Laureate Professor Muhammad Yunus, visited Glasgow Caledonian University (GCU) in March to launch the penultimate stage in bringing his unique brand of microfinance to the UK by setting up Europe’s first Grameen Bank branch.

Indications are that more than half - about 2.5bn adults - of the world’s working-age population does not have quality, affordable financial service - the majority living in Africa, Asia, Latin America, and the Middle East (1). But on our doorstep, statistics suggest more than 1m adults live in unbanked households in the UK (2) for which the Grameen Bank offers a proven solution. 

Professor Yunus was recognised in 2006 for the huge progress the Bank has made in alleviating global poverty since beginning in 1976. The Grameen Bank has become a world movement dedicated to eradicating poverty through micro-lending. Replicas of the model now operate in more than 100 countries worldwide.

Principal and Vice Chancellor Professor Pamela Gillies said: “Though excellent microcredit and corporate banking is available in Scotland, it has not been able to break through deep rooted economic inequalities.  The success of the Grameen Bank in other parts of the world, including the USA, demonstrates that its community-centred approach can make a serious contribution to improving the life expectancy of people from the most impoverished sectors of society.”


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