Bahrain bank to give microfinance to poor

Muhammad Yunus, Nobel Peace Prize winner and founder of Bangladesh’s Grameen Foundation, is expected work with Bahrain’s Central Bank to help poor families.

Bahrain is planning to give financial assistance to underprivileged families with the establishment of a bank charged with helping the poor.

London-based daily A-Sharq Al-Awsat reports that Social Development Minister Fatima Al-Baloushi has signed a Memorandum of Understanding (MoU) with Professor Muhammad Yunus, Nobel Peace Prize winner and founder of Bangladesh's Grameen Foundation, under which he will help Bahrain to establish the new bank.

Graemeen Foundation's role around the world is to support "microfinance" programs that enable the poor, mostly women, to lift themselves out of poverty and make better lives for their families.

The bank, via a growing network of financial institutions, lends money to poor families that would typically have no access to financial services. It then assists those families to invest that money in ventures that are designed to deliver long-term financial benefits.

The MoU signed between Bahrain and Graemeen Foundation indicated that in the next two weeks a working group from Grameen would visit the Kingdom to discuss preliminary details.

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