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Nobel Laureate Professor Muhammad Power It Has Over the Whole World Light 11 SpotJuly, 2017 Issue no 11 Keynote speech by Professor Muhammad Yunus at 129th session of International 1. Keynote speech by Professor Muhammad Yunus at 129th session of International Olympic Committee at Rio Olympic Committee at Rio 4. Professor Yunus inaugurated Social hank you Mr. President and Good for peace. They are about competition, team Business Academia Conference 2016 Tmorning! I am thrilled to be here this spirit, and friendship through confrontation. 6. Professor Yunus at DAVOS morning. And, thank you for your generous I look at peace this way -- peace is not 8. Highlights (November 2016- June 2017) introduction. absence of war. That is not what peace is all • “Inventor of Microcredit Enters the I am thrilled because I never dreamed about. It’s not absence of armed conflict, Seine” that I will be addressing the top people of peace is about living together. It is harmony • Yunus advises China to follow different the world who energize the entire world of in diversity. That’s what the peace is all about. development path to avoid wealth the athletics and the sports. I always looked But I see that peace is terribly threatened concentration in the hands of the few at this world with awe. What an enormous through everyday work that we engage ourselves in. I want to share with you how I • Nobel Laureate Professor Muhammad power it has over the whole world. It holds feel about it, why I came to the conclusion Yunus’ India Visit 2017 the breathless attention of billions of people from all corners of the this planet. Nobody that peace is threatened by our own work • Social Business Journey Through every day everywhere in the world. Australia and New Zealand: Meeting else but the Olympic organization can take this massive number of people to this height I started lending money to poor women in Friends of emotions and aspirations. This gives the Bangladesh back in 1976. Lending tiny little • Yunus Draws Attention of Japanese Olympic organization almost limitless power. money, that’s not what I was planning to do Business Leaders to Wealth To me sport is something which is an in my life. But, because of the circumstances, Concentration because of the compulsion I felt, that’s what • Wealth concentration is a ticking integral part of a human being. Human life begins with sports. Every child in the world, I did. It was the experience of ugly loan time bomb : Yunus warns members of no matter where he or she is born, starts his sharking that was going on in the village that European Parliament life with games, and sports. Nobody teaches got me into it. The village was next door to 15. Sixteen Thousand New Youth them, there is no coach, there is no training, the university where I was teaching. I was Entrepreneur Funded most of the time it is self-designed. They trying to see if I could make myself useful in 16. Nobin Program Success Stories find friends and make up their own rules some way to the poor of the village. From 17. Yunus Social Business Centre and games, impose their own discipline, and almost daily visits to the village I was exposed 18. Yunus Teams up with President Macron have unlimited fun doing that. to a horrible thing that was going on in the village, the loan sharking. All of the little and Mayor Hidalgo for Olympic 2024 As children grow up some of them stay possessions of the poor people are taken 19. City of Paris Confers Yunus Honorary with sports, some of them move away from away by people who have little bit of money Citizenship it. But the spirit remains. Most often we do to lend to them. 20. YC Visit Programs not recognize it but deep in our hearts it I started to lend money immediately. I took 22. Newly redesigned Social Business Pedia!! continues to energize us. 23. money from my own pocket and gave this as Bulletin Board Sports and games are effective vehicles Issue 11 1 loans to the poor, to protect them from loan- selling something, earning something. clients to come to their office, our rule is sharks. It worked. It became very popular. I was invited to set up a Grameen -- people should not come to the bank, the Later I created a bank for the poor, called microcredit program in the USA. I started it bank should go to the people. You can make Grameen Bank, or village bank. It spread over in New York in 2008. We called it Grameen a list as long as you wish, it goes on. the whole country in the following years. America. We lend money to the poor We built a system on trust. The whole These tiny loans for poor people became women in New York city who will not global microcredit system is based on trust. known as microcredit or microfinance and get a penny from anybody. No bank, no There is no legal paper, there is no lawyer. spread all over the world. financial institution will ever entertain Grameen Bank is the only lawyer-free bank Grameen Bank now has 9 million their request for money. Grameen America in the whole world. And as we were doing borrowers, 97 percent of them are women. provides them loans without any collateral, microcredit, we got interested in other things: Borrowers are the owners of the bank. With without any introduction. Most of them are health care, housing, energy, education etc. Grameen Bank loans poor women start a undocumented women. Now our program If you are poor, you are poor in health too. business to earn a livelihood. She finds herself works through 18 branches in 11 cities, NY, Los They go together. Particularly for women. a life of dignity, and self-reliance. She can Angeles, Charlotte, NC, Indianapolis, Omaha, Health condition of the poor was terrible. start her own life, producing something, Nebraska and so on. We have over 85,000 The more I came close to poor women the borrowers, hundred percent women. They more I realised how much they suffered maintain over 99 percent repayment rate. from health problems. That led me to create I draw some broad conclusions from my a healthcare service for the villagers, based experience with the poor. When I ask myself on an insurance program built alongside why are people poor? My conclusion is now Grameen Bank. very clear-- poverty is not created by the The first eye-care hospital we built poor, poverty is created by the institutions with a capacity of ten thousand surgery a we built, and concepts that we designed. year, came to operational sustainability in four years. We were very happy that we I draw some broad could make it. Then we built a second one conclusions from my in another part of the country. It came to experience with the poor. operational sustainability in three years. Then we built a third one in another part of the When I ask myself why country. Fourth one is under construction. are people poor? My From the beginning of Grameen Bank we conclusion is now very got involved with the healthcare of children. clear-- poverty is not created Many years later I learnt that this is a basic problem in any country, rich country, or poor by the poor, poverty is country doesn’t matter. Children are either created by the institutions malnourished or obese. Obesity is a major we built, and concepts problem in rich countries. In Bangladesh at the very early stage of Grameen Bank we that we designed. Poverty were confronted with night-blindness among is caused by the system. children. We encouraged the mothers to grow vegetables to feed their children so that they can get vitamin A from their food. We did it in a business way, social business Poverty is caused by the system. way. We started selling vegetable seeds at a very low price to make vegetable growing In my work I have challenged the popular and easy. It worked. Over time we institutions, particularly financial institution. became the largest vegetable seed retailer That challenge came through Grameen Bank. in the country. Night blindness which was a Everything conventional banks do, Grameen common disease among the poor children Bank does the opposite. And it works. That’s in the villages of Bangladesh 40 years back, how it could deliver the services to the disappeared from the country. people who are bypassed by conventional banks. They go to the rich, we go to the poor, We saw that we didn’t need doctor to solve they ask for collateral, we are collateral-free, all the health problems; we just took the they are owned by rich people, our bank is responsibility and created a business idea to owned by the poor women. They make their popularize vegetable cultivation. We still have 2 Spot Light Issue 11 the major problem of child malnutrition in reach one million. It took another 15 thousand Bangladesh. Almost half of the children are years or so to go from one million to one malnourished. An opportunity arose in 2005 billion people on the planet. First billion was to tie up with a global company, Danone, to reached pretty recently, in 1804. It took only address this problem in a social business way. 123 years to reach the second billion, 33 years We created a joint venture with Danone to to reach third billion. Now we are adding a It became a very popular social create a special fortified yogurt and sell it at a billion people to the planet every 12 so years.
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