U.S. Senators Voice Concern over Future of Grameen Bank and Bangladesh Government's Treatment of Grameen Bank's Founder, Father of Microcredit Muhammad Yunus
In addition to potentially impacting the U.S.-Bangladesh relationship, they wrote, "[T]he potential for these actions to have a destabilizing effect on Grameen
Global Communicators
WASHINGTON, DC -- Five U.S. Senators and a Member of Congress have written Bangladesh Prime Minister Sheikh Hasina expressing "strong concern" over the future of the Grameen Bank and the Bangladesh government's treatment of Grameen Bank Managing Director Muhammad Yunus.
(http://www.muhammadyunus.org/), who founded the bank nearly 30 years ago to provide low-interest, collateral-free loans to poor Bangladeshis. Their letter was released today by Grameen Research.
Meanwhile, the appellate division of the Bangladesh Supreme Court today adjourned for two weeks after an initial hearing into Dr. Yunus' appeal of the government-controlled central bank ruling that he must give up his post because the 70-year-old Nobel Laureate has passed the sporadically enforced public sector retirement age of 60.
Senators Richard Durbin (D-IL), Sherrod Brown (D-OH), Michael Bennett (D-CO), Michael Enzi (R-WY), and John Boozman (R-AR), plus Representative Rush Holt (D-NJ) said they "are troubled by what appears to have been a months-long effort on the part of the Bangladeshi government to discredit Professor Yunus and remove him as Managing Director while increasing government influence at Grameen Bank."
In addition to potentially impacting the U.S.-Bangladesh relationship, they wrote, "[T]he potential for these actions to have a destabilizing effect on Grameen puts the effectiveness and long-term integrity of the bank and its critical programs at great risk."
The Senators and Representative urged the prime minister "to work with Professor Yunus to find an amicable solution to this unfortunate situation – one that treats him with the dignity he deserves while preserving the effectiveness and operational integrity of Grameen Bank for the millions of Bangladeshis who depend on it, as well as for your nation's reputation as the home of the microcredit movement."
Grameen Research also provided links on news reports from Bangladesh on cadres of the Bangladesh Chhatra League (BCL), the student front of ruling Prime Minister Sheikh Hasina's Awami League, which attacked and foiled a human chain of Grameen Bank employees in Barisal city yesterday peacefully demonstrating against the government's attempts to remove him from the Grameen Bank:
(http://www.shahidulnews.com/2011/03/mirror-mirror-on-the-wall-whos-the-noblest-of-them-all/ and http://www.thedailystar.net/newDesign/latest_news.php?nid=28851.
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Photo: The Daily Star: http://www.thedailystar.net/newDesign/news-details.php?nid=177393
Grameen Bank has 2,564 branches in Bangladesh, with 19,800 staff serving 8.29 million borrowers in 81,367 villages. Women comprise 97 percent of the borrowers. More than 97 percent of the loans, which are financed entirely from internal resources, are repaid, a recovery rate higher than any other banking system. Grameen methods are applied in projects in 58 countries, including the United States, Canada, France, The Netherlands and Norway. (http://www.grameen-info.org/index.php?option=com_content&task=view&id=329&Itemid=363). As of March 1, 2011, Grameen Bank (http://www.grameen-info.org/) has disbursed more than US $10 billion, with the average loan of US $882.35.
Grameen Research (http://grameenresearch.org/), a not-for-profit company headed by Vidar Jorgensen, provides research, training and other microfinance support and other services for low income populations.
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Global Communicators, LLC
E Mail : kheine@globalcommunicators.com
http://newsfrombangladesh.net/view.php?hidRecord=350723
Read the Full text of the Letter in PDF :
http://newsfrombangladesh.net/dbimages/350664-0-letter%20from%20Bangladesh%20Caucus%20in%20Congress.pdf
(http://www.muhammadyunus.org/), who founded the bank nearly 30 years ago to provide low-interest, collateral-free loans to poor Bangladeshis. Their letter was released today by Grameen Research.
Meanwhile, the appellate division of the Bangladesh Supreme Court today adjourned for two weeks after an initial hearing into Dr. Yunus' appeal of the government-controlled central bank ruling that he must give up his post because the 70-year-old Nobel Laureate has passed the sporadically enforced public sector retirement age of 60.
Senators Richard Durbin (D-IL), Sherrod Brown (D-OH), Michael Bennett (D-CO), Michael Enzi (R-WY), and John Boozman (R-AR), plus Representative Rush Holt (D-NJ) said they "are troubled by what appears to have been a months-long effort on the part of the Bangladeshi government to discredit Professor Yunus and remove him as Managing Director while increasing government influence at Grameen Bank."
In addition to potentially impacting the U.S.-Bangladesh relationship, they wrote, "[T]he potential for these actions to have a destabilizing effect on Grameen puts the effectiveness and long-term integrity of the bank and its critical programs at great risk."
The Senators and Representative urged the prime minister "to work with Professor Yunus to find an amicable solution to this unfortunate situation – one that treats him with the dignity he deserves while preserving the effectiveness and operational integrity of Grameen Bank for the millions of Bangladeshis who depend on it, as well as for your nation's reputation as the home of the microcredit movement."
Grameen Research also provided links on news reports from Bangladesh on cadres of the Bangladesh Chhatra League (BCL), the student front of ruling Prime Minister Sheikh Hasina's Awami League, which attacked and foiled a human chain of Grameen Bank employees in Barisal city yesterday peacefully demonstrating against the government's attempts to remove him from the Grameen Bank:
(http://www.shahidulnews.com/2011/03/mirror-mirror-on-the-wall-whos-the-noblest-of-them-all/ and http://www.thedailystar.net/newDesign/latest_news.php?nid=28851.
[]
Photo: The Daily Star: http://www.thedailystar.net/newDesign/news-details.php?nid=177393
Grameen Bank has 2,564 branches in Bangladesh, with 19,800 staff serving 8.29 million borrowers in 81,367 villages. Women comprise 97 percent of the borrowers. More than 97 percent of the loans, which are financed entirely from internal resources, are repaid, a recovery rate higher than any other banking system. Grameen methods are applied in projects in 58 countries, including the United States, Canada, France, The Netherlands and Norway. (http://www.grameen-info.org/index.php?option=com_content&task=view&id=329&Itemid=363). As of March 1, 2011, Grameen Bank (http://www.grameen-info.org/) has disbursed more than US $10 billion, with the average loan of US $882.35.
Grameen Research (http://grameenresearch.org/), a not-for-profit company headed by Vidar Jorgensen, provides research, training and other microfinance support and other services for low income populations.
# # #
Global Communicators, LLC
E Mail : kheine@globalcommunicators.com
http://newsfrombangladesh.net/view.php?hidRecord=350723
Read the Full text of the Letter in PDF :
http://newsfrombangladesh.net/dbimages/350664-0-letter%20from%20Bangladesh%20Caucus%20in%20Congress.pdf
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