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• Foreword
• Preface
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• About Grameen trust
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• Audit
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• Project Dignity
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• Tsunami Projects
• Regional Microcredit Summit 2008
• Conference
• Partner's Achievment
• Impact Studies
• Auditor's Report
• Acronyms

The volatility in the financial sector that peeked its head in 2007 turned into a "Global Financial Crisis" in 2008. This has been labeled as the worst financial crisis since the Great Depression of the 1930s. Many have listed the subprime lending practices in the United States of America (USA) as a leading catalyst for the Global Financial Crisis. But this masks the fundamental reasons behind the global economic meltdown. Irresponsible and unmonitored transactions disguised as "professional financial services" is the root cause of this financial crisis.

Grameen considers "Credit as a human right". The Grameen model provides microcredit for income generating activities to the poorest, mostly women, without any collateral. This is sub sub subprime lending. Grameen does not experience any risk; we trust in dreams and abilities of our borrowers. We are an active partner in the future of our borrowers. This is the secret to the success of the Grameen Bank Approach. I applaud Grameen Trust (GT) for having a successful year in 2008 in expanding its global operation of establishing sustainable microcredit programs for poverty alleviation around the world.

At the height of the current global financial crisis Grameen Trust set up Grameen America (GAI) with the first branch in Jackson Heights, Queens, New York. The Turkish Grameen Microcredit Program (TGMP) embarked on an ambitious expansion program in 2008. Grameen Trust's directly implemented microcredit programs in Costa Rica, Guatemala, India, Indonesia, Kosovo, and Zambia have all shown remarkable progress in 2008. An independent review found that GT managed Microfinance for Poverty Reduction Project was the only microfinance institution (MFI) with 0% portfolio at risk (PAR) in Zambia.

Grameen Trust has undertaken initiatives to expand its directly implemented projects to many other countries. We hope many potential partners will come forward to support these microcredit programs that are being set up as "Social Businesses."

Grameen Trust is also spearheading the movement to maximize social benefits by promoting Social Businesses. GT has partnered with Credit Agricole, a leading bank in France, to establish Grameen Credit Agricole Microfinance Foundation to support microfinance and social businesses around the world.

I congratulate Grameen Trust, its management and staff, as well as investors, donors, partners and well-wishers, for stepping up to the challenge at a very crucial time to serve the poorest around the world with Grameen microcredit and responsible financial services, and working towards creating a poverty free world.

Professor Muhammad Yunus
Executive Trustee