Friday, February 16, 2007 / Your money - When philanthropy meets profitmaking / Your money - When philanthropy meets profitmaking: "When philanthropy meets profitmaking

By Elaine Moore

Published: February 16 2007 12:24 | Last updated: February 16 2007 12:24

For many people, philanthropy and profit-making are mutually exclusive. But a new wave of socially-minded financial projects, attracting charities and wealthy investors alike, are blurring the lines.

This new concept is “microfinance”, an idea pioneered by a Bangladeshi professor, Muhammad Yunus, who set up Grameen Bank in 1976 with the aim of providing loans to young entrepreneurs traditionally shunned by financial institutions. The bank lent money to some of the poorest individuals in the country and its success was recognised recently when Yunus was awarded the 2006 Nobel Peace prize."

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