http://digitalartscorps.org/taxonomy/term/257/0 en http://digitalartscorps.org/node/234 <p>The recent (2006) announcement that the Nobel Peace prize has been won by Dr. Muhammad Yunus has caught my attention. Part of the prize is shared by a banking system called Grameen bank.</p> <p>The bank is supposedly working on the principles of community effort, mutual <br />trust, accountability, and micro credit. It is designed to offer small <br />loans to poor people in groups of 5, who are otherwise not credit worthy. <br />The primary requirement for loan eligibility seems to be collective <br />accountability of groups to repay. Because there is no requirement to back their loans <br />with collateral, the poor have been able to invest in some trade for their livelihood. </p> <p>The conditions for loan have helped improve social and economic awareness. </p> <p>This system appears to have uplifted and improved the lives of many poor <br />communities in Bangladesh, among whom a big percentage is said to be women. This indeed is a system of community, networking and collective effort that has not only made a success story but also has received a distinguished recognition.</p> <p> Follow the links for more of this story.</p> <p> <a href="http://nobelprize.org/nobel_prizes/peace/laureates/2006/"></a></p> <p><a href="http://nobelprize.org/nobel_prizes/peace/laureates/2006/"> </a></p> <p><a href="http://nobelprize.org/nobel_prizes/peace/laureates/2006/"></a></p> <p>http://www.grameen-info.org/bank/index.html</p> http://digitalartscorps.org/node/234#comments community micro credit networking Nobel prize Wed, 25 Oct 2006 14:17:32 +0000 Kamala Kalluri 234 at http://digitalartscorps.org