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Thursday, March 6, 2008
Grameen America
Grameen Bank of Bangladesh, champion of micro-credit without collateral to the poor, has opened two branches in the United States, one in New York, the other in Dallas. Again, it targets the very poor: small credit, no collateral, 15% interest. Grameen is not allowed to collect deposits on American soil. So imagine that: Bangladesh is actually financing loans in the US...
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Grameen is not entirely financed by savings from Bangladesh. There is some US financing. But the point is well taken: the US generates so little savings that we need to look in third (or fourth) world countries for credit...
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