| | |  Business News | September 2008 
Slim and Yunus to Offer Credit to Mexico's Poor
 Associated Press
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| | Nobel Peace Prize winner Muhammad Yunus, left, speaks alongside Mexican billionaire Carlos Slim during a news conference in Mexico City, Monday, Sept. 29, 2008. The two are teaming up to provide new micro-credit loans to Mexico's poor. (AP/Gregory Bull) | | |
Mexico City - Mexican billionaire Carlos Slim and Bangladeshi Nobel Prize winner Muhammad Yunus are joining forces to offer credit to poor people in Mexico.
Slim and Yunus are creating Grameen-Carso, a lending institution that in its first phase will provide at least 80,000 loans.
Slim is committing at least US$45 million to the venture, which they expect to expand to other parts of Latin America.
Slim said Monday the institution will follow the model developed by Yunus' Grameen Bank.
Yunus and his Grameen Bank in 2006 won the Nobel Prize in economics for pioneering the use of microcredit to spur creation of small businesses in poor nations.
Slim is the Chairman of industrial-retail conglomerate Grupo Carso and one of the world's richest men. |
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