Where is grameen bank

Yunus believed that making such loans available to a wide population would have a positive impact on the rampant rural poverty in Bangladesh.

The bank began as a research project by Yunus and the Rural Economics Project at Bangladesh's University of Chittagong to test his method for providing credit and banking services to the rural poor. In , the village of Jobra and other villages surrounding the University of Chittagong became the first areas eligible for service from Grameen Bank.

The Bank was immensely successful and the project, with support from the central Bangladesh Bank, was introduced in to the Tangail District to the north of the capital, Dhaka.

The bank's success continued and it soon spread to various other districts of Bangladesh. By a Bangladeshi government ordinance on October 2, , the project was transformed into an independent bank. The bank's repayment rate was hit following the flood of Bangladesh before recovering again in subsequent years.

By the beginning of , the bank had loaned over USD 4. The Bank today continues to expand across the nation and still provides small loans to the rural poor.

By , Grameen Bank branches numbered over 2, The action research demonstrated its strength in Jobra a village adjacent to Chittagong University and some of the neighboring villages during With the sponsorship of the central bank of the country and support of the nationalized commercial banks, the project was extended to Tangail district a district north of Dhaka, the capital city of Bangladesh in With the success in Tangail, the project was extended to several other districts in the country.

In October , the Grameen Bank Project was transformed into an independent bank by government legislation. Due to its success in Bangladesh, the Grameen Bank has been replicated worldwide. The Grameen Foundation was founded in , and works with 58 microfinance institutions, and has touched more than 45 million people in 23 countries.

Muhammad Yunus and the Grameen Bank were awarded the Nobel Peace Prize in for their work in poverty reduction in rural Bangladesh. Search Search for:.