Last year, a panel of judges from Wharton joined with Nightly Business Report, the most-watched daily business program on U.S. television, to name the 25 most influential business people of the last 25 years. On that list was Muhammad Yunus, managing director of Grameen Bank in Bangladesh and a pioneer in the practice of microcredit lending. Grameen Bank received formal recognition as a private independent bank in 1983 and, as of this month, had dispersed close to $5 billion in loans to four million borrowers, 96% of them women. Grameen's strategy is to offer miniscule loans to very poor people, giving them the means to generate income and work their way out of poverty. Yunus was featured in a book entitled, Lasting Leadership: Lessons from the 25 Most Influential Business People of Our Times, co-authored by Knowledge@Wharton and Nightly Business Report. He was recently interviewed by NBR's Linda O'Bryon while attending the World Health Congress in Washington, D.C.
NBR: You have been credited with inventing the microcredit movement more than 30 years ago. Why did you go in that direction?
Yunus: I had no idea that I would ever get involved with something like lending money to poor people, given the circumstances in which I was working in Bangladesh. I was teaching in one of the universities while the country was suffering from a severe famine. People were dying of hunger, and I felt very helpless. As an economist, I had no tool in my tool box to fix that kind of situation.
NBR: So what gave you the idea to give people tools?
Yunus: While I traveled around the country, I told myself, 'As a person, forget about the tool box. As a human being, I can go out and be available to help another person.' So that's what I started doing.
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