Preface

Despite the global economic crisis with all its attendant effects, Grameen Trust (GT) has made steady progress in 2008. In addition to supporting 133 partner organizations in 38 countries, GT has scored a great success in its direct implementation drive in this year. It has been directly implementing projects under its BOT/BOO/BOM and joint collaboration models in China, Costa Rica, Guatemala, India, Indonesia, Kosovo, Turkey, U.S.A. and Zambia.

The achievement and success of Grameen Bank replication worldwide in general and that of the direct implementation projects in particular has once again proved that microcredit programs following the Grameen Bank Approach (GBA) can be implemented successfully anywhere in the world and in any situation.

Grameen America, Inc. (GAI), a BOM project, which has been launched to serve the low income communities in the United States of America disbursed more than US$ 1 million to about 400 borrowers just within a year of starting its operation in New York City in January 2008. It is enjoying 100% repayment rate.

GT has been effective in successfully implementing Grameen type microcredit programs in Latin America as well through Asociacion Costa Rica Grameen in Costa Rica and Banrural Grameen Microfinanzas in Guatemala. Both projects are growing and serving the poorest women with financial services at lower rates of interest.

The Turkish Grameen Microcredit Program (TGMP) has made a remarkable progress in 2008. It has opened 18 new branches this year. It has reached more than 18,000 poorest women with financial services with zero portfolio at risk.

Aceh Grameeen Credit Project (AGCP) in Indonesia is expanding successfully with 100% recovery rate. It has opened its second branch in Takengon, a coffee growing area in Central Aceh, to serve the poorest women who live around the Laut Tawar Lake and mountains.

The Microfinance for Poverty Reduction Project (MPRP), a Grameen BOT project in Zambia, has been handed over to the Micro Bankers Trust (MBT) in 2008 after successful completion of its three years pilot phase.

The establishment of Grameen Credit Agricole Microfinance Foundation has been a very significant event in 2008. The Foundation has been established through a collaboration between Credit Agricole S.A., France, and Grameen Trust, Bangladesh, with the aim of providing financial services to MFIs that do not have access to savings or bank liquidity. The Foundation has raised Euro 50 million as endowment fund to support microfinance programs and promote social business worldwide, especially in Africa, MENA, Asia and Latin America.

In 2008, GT has worked closely with the Ministry of Social Development (MOSD) Bahrain, to establish a bank for the poor in Bahrain to be known as the Family Bank. The bank is expected to start working in 2009 subject to the approval from the Central Bank of Bahrain.

As a part of its global expansion program, GT has conducted nine Fact finding Missions in China, Colombia, Egypt, Haiti, Indonesia, Italy, Jamaica, Mexico and Paraguay during 2008. Negotiations are underway in Colombia, Haiti, Italy, Mexico, Paraguay and Tanzania for launching direct implementation projects in these countries.

In 2008, GT signed six MOUs with Groupo Carso, Fundacion Carlos Slim in Mexico, CPAD, DANONE and Alibaba Group in China for implementing microfinance programs and with Intel Capital Corporation, U.S.A., for promoting social business as defined by Nobel Laureate Professor Muhammad Yunus within and outside Bangladesh.

GT organized three International Dialogue Programs including one for Commonwealth countries in collaboration with Grameen Bank and Commonwealth Secretariat and another for Arab countries in collaboration with Grameen Bank and Grameen Foundation, U.S.A. in 2008. Seven training programs in Bangladesh, Indonesia and Nepal and 16 monitoring and two audit visits in India and Kosovo have been conducted by GT in 2008.

In 2008, GT and Grameen Foundation, U.S.A. jointly hosted a reception for the members of Grameen Global Network (GGN) during the Asia Pacific Regional Microcredit Summit 2008 held in Bali, Indonesia. It also organized an associated session on Grameen experiences worldwide at this summit under the banner of GGN.
The success of GT in terms of wider coverage and program implementation has been possible due to the dedication of its committed staff and also the cooperation it has received from its partners, donors, supporters and well wishers. Our deepest appreciation to all who extended their sincere cooperation in our efforts towards building a poverty free world.

Professor H.I.Latifee
Managing Director