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It has now been practically forty years since Muhammad Yunus began experimenting with microcredit as a professor in Bangladesh; more than thirty years since he established Grameen Financial institution to spread the thought; and 9 years since he and Grameen shared the Nobel Peace Prize. (Connie Bruck profiled Yunus in 2006.) Roughly 100 and six million folks worldwide have a microcredit loan outstanding, owing a median of about nine hundred dollars, in keeping with the Microfinance Information Exchange, a nonprofit, often referred to as Combine, that is funded by growth organizations and private philanthropies. The loans are authorized and collections managed by hundreds of microfinance lenders, who get most of their funding from bigger public and non-public growth-centered teams, together with banks.
