Offshore Grameen group
Twenty—two year old Sophia Khatoon, in the tiny village of Jobra in Bangladesh, worked seven days a week making finely woven bamboo furniture, looked twice her age, and lived in abject poverty. As she had no working capital, a trader sold her the raw material on credit and bought the final product at a price that barely covered her costs. Sophia effectively paid 3000% interest a year to live in poverty while the middle man profited from her labour.
Muhammed Yunus, who won the Nobel Peace Prize in 2006, realised that Sophia needed only 60 cents Australian to buy her own load of bamboo and begin to work her way out of poverty. Many others were in the same situation. After a successful pilot project, the Grameen (or People’s) Bank was launched in 1983 to provide microcredit to the poor. In Australia, the Grameen Foundation continues this work in Asia and Africa.
About the group
The Offshore Grameen Group meets once a month on a Sunday from 3.30 – 5.00. Over coffee and a chat we discuss Grameen and related issues and we pass the hat around (anything from 50c to $50 is fine).
A $150 loan is all it takes to support one woman in her journey out of poverty. She will repay her loan to us while building a little business. Our money is then re-lent to another woman in need.
Anyone who is concerned about a just and fair world is welcome to join us.
Photos courtesy of Mike Hettwer