Friends of Grameen, deeply disappointed and saddened by the decision of the Supreme Court of Bangladesh, reaffirmed their strong support to Professor Yunus and to the independence of the Grameen Bank and micro credit in Bangladesh.
Friends of Grameen, deeply disappointed and saddened by the decision of the Supreme Court of Bangladesh, reaffirmed their strong support to Professor Yunus and to the independence of the Grameen Bank and micro credit in Bangladesh.
Indeed, the Supreme Court of Bangladesh today decided to reject two appeals made by Grameen Bank and 9 of the directors of its board against the High Court decision to remove Professor Yunus as Managing Director, because of his age. Thus, the founder of the Grameen Bank and Nobel Peace Laureate was removed from his post, a role he has been entirely dedicated to since creating the organization in 1983.
Professor Yunus, known across the world as the “Banker to the Poor”, established the democratic framework of the Bank, making it a unique and powerful microcredit model, and replicated across the world. Indeed, the Grameen Bank’s borrowers own 97% of the capital of the Bank, and elect 9 out of 12 members of its board. Over the last three decades, the pioneering and innovative work of the Grameen Bank has enabled over 8 million people from rural communities across Bangladesh to lift themselves out of poverty, thanks to small business loans from the Grameen Bank.
“Extremely preoccupied for the independence of Grameen Bank and micro-credit institutions in Bangladesh”
Maria Nowak, President of the Executive Committee of Friends of Grameen and Founder of the French microfinance organization ADIE explained that: “Today, we are extremely preoccupied about the independence of the Bank and of micro-credit institutions in Bangladesh. Alarming recommendations seem to be emerging from the report of the Government appointed Review Committee, leaked to the press last week: changes in the statutes, reconsideration of the role of borrowers in the governance of the Bank and extension of governmental control over Grameen’s sister organizations, such as Grameen Telecom. We strongly fear that amending the structure and governance of a democratic and egalitarian organization, poses a serious threat, with devastating ramifications on micro credit and social business activities in Bangladesh”.
About Friends of Grameen
“Friends of Grameen” is a voluntary association established under the French law of 1901. The purpose of the association is the promotion and development of microcredit and social business, in particular the microcredit activities of Grameen Bank and its affiliates. The Honorary Committee is chaired by Mary Robinson, former President of Ireland and former United Nations High Commissioner for Human Rights. The Executive Committee is chaired by Maria Nowak, President of ADIE, a pioneering French microfinance institution created in 1989.
Press contact:
Vincent Dujardin: +33 1 41 86 76 48 / +33 6 14 11 38 67