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Star Special

Clinton proposes Grameen Bank's Yunus for Nobel Prize

By S M ALI
The Democratic nominee for US presidential election, Bill Clinton has suggested that Prof Muhammad Yunus be awarded a Nobel Prize for his work in the Grameen Bank.
Governor Clinton made this proposal during a wide-ranging exclusive interview to a team of writers of popular US magazine, the Rolling Stone, published in the journal's Issue of Thursday. Sept 17.
A faxed copy of the 10-page long Interview has Just been made available to The Dally Star.
The reference to Muham-
mad Yunus, the founder and the Chief Executive of the Grameen Bank, came up when the Governor started talking about the need for a radical approach to the banking system In his own state. Arkansas.
As Clinton put it, "I think, every major urban area and every poor rural area ought to have access to a bank that ought to make loans to those who deposit in the bank." He probably suggested that such loans to the rural poor should not be tied to collateral or sc cu rities.
Then, he went on to explain that Good Faith Fund of the South Shore Bank In his state offered loans to low-Income people, mostly for self-cm ploymcnt ventures.
Clinton said, This is based on the work of Muhammad Yunus at the Grameen Bank in Bangladesh, which until the recent national disasters, had ninety-seven percent loan repayment rate, better than the commercial banks in Bangladesh, even though it was making loans almost exclusively to poor people."
Slightly taken aback by Clinton's detailed knowledge of a
bank in Bangladesh, one interviewer then asked, "1 am in trigued because, with a few eccentric exceptions, 1 think you are the only politician 1 have encountered who has heard of the Grameen Bank."
Clinton replied, "I think Muhammad Yunus should be given a Nobel Prize.”
Then, the Governor went into some details as to how he came to know about the Grameen Bank, through the roommate of his wife in col-le«e Some time later, he had a long 90-mlnute meeting with Yunus in Washington.
The Democratic presidential nominee said, "1 spent an hour and a half with Yunus. I was Just blown away. He made •his enterprise work. He promoted Independence, not dependence. The Idea struck me that whenever the power of
the government can be used to create market forces that work. It is so much better than creating a bureaucracy to hire a bunch of full time people to give some body a check.’
The proposal from Bill Clin ton to give a Nobel Prize to Yunus In recognition of his work in the Grameen Bank Is expected to find wide support In different parts of the developing world, where the Bangladesh institution Is regarded as a model.
For details of the Clinton in