Mexico

A potential borrower of Grameen Carso in Oaxaca

Grameen Trust (GT), Bangladesh, in partnership with Fundación Carlos Slim, A.C. (FCS), Mexico, is establishing a microcredit project in Mexico to be named Grameen Carso. Grameen Carso will provide collateral-free microcredit at reasonable terms to the poorest in Mexico following the successful Grameen Bank Approach (GBA).

Grameen Carso is being set up following Grameen Trust's "Build-Operate-Manage" (BOM) model. FCS has committed to provide financial support to Grameen Carso. Grameen Trust has already selected a team of highly experienced Grameen resource persons who will travel to Mexico to set up the microcredit program, train the locally recruited staff and manage the microcredit operations. The team is headed by Mr. Shamsul Alam Khan Chowdhury, who was previously the Project Director of TGMP, Turkey.

Vietnam

The TYM Fund was established in 1992 by the Vietnam Women's Union with an aim to implement the poverty alleviation program of the Government. TYM stands for "Tao Yeu Mai" meaning "I love you" in Vietnamese. It is the international name for the Mutual Affection Fund of the Vietnam Women's Union.

The TYM Fund is a replication of the Grameen Bank Approach (GBA) adapted to the specific context of Vietnam. It is working with a mission to improve the quality of life and status of poor women in rural areas by providing credit and savings to Fund members, creating favorable conditions for their participation in economic activities and enhancing their role in society.

TYM targets women to become its members having an income below the poverty line defined by the Vietnamese Government (currently monthly income below VND 200,000 equivalent to US$ 12.50) and meeting several other criteria. There are 30-40 members in a center and members receive training on the policies and procedures of TYM and on basic business and financial skills. The centers also serve as a platform where experiences in business development are exchanged, where the staff of TYM and external experts provide training on family, gender and health issues, and social activities are carried out.

TYM Fund, with its Head Office in Hanoi, is implementing the microcredit program through 29 branches in 9 provinces (Hanoi, Hung Yen, Vinh Phuc, Thai Nguyen, Bac Ninh, Hai Duong, Nam Dinh, Thanh Hoa, Nghe An). Each loan office in the field serves more than 350 borrowers.

Till March 2009, TYM Fund served 35,148 members with an outstanding loan of VND 144.3 billion (USD million 8.5 million). It is maintaining a 99.9% repayment rate. TYM members have collectively saved VND 35 billion (USD 2.1 million). TYM has assisted more than 50,000 poor women in overcoming poverty and to participate in community activities through its programs. TYM hopes to serve 70,000 members with micro-financial services by 2012.

Report By: A.S.M. Shahidul Haque