Yunus visits social business initiatives in three countries

Nobel Laureate Prof Dr Muhammad Yunus launched new social businesses and visited social businesses already in operation, took part in board meetings of social business funds and met potential investors in social businesses in his recently concluded two-week tour of three countries, France, US and Cambodia, said a press statement.

In Paris, France, Dr Yunus attended the board meeting of Grameen Credit Agricole social business fund. The Board approved four projects for funding, two in social business, two in microfinance, in four countries. During the visit a plan was discussed for a French initiative to set up four French cities, namely, Lille, Cergy, Lyon and Marseilles, as social business cities. These cities will create social business funds, set up a social business institute in each city in one of their leading universities, and create social businesses.

In California, US Prof Dr Yunus visited two new branches of Grameen America in Los Angeles. The one year old branch in Boyle Heights has been operating for one year and already has over 500 all-women borrowers. The second branch in West Lake has just been opened one month ago, and has 25 borrowers. All the staff of the branches are women, except the branch managers who were sent from Bangladesh to set up these branches. Prof Yunus was accompanied on the visit by the new CEO and President of Grameen America Ms Andrea Jung, formerly CEO of Avon, also current board member of Apple, and Daimler AG automobile company and by Prof H I Latifee, Managing Director of Grameen Trust.

During Prof Yunus' visit to California, he also delivered lecture at the Westmont College in Santa Barbara. The leadership of the college is interested in creating social business city, create a social fund to launch social businesses, and create social business centre at the college.

In Cambodia, Prof Yunus attended the board meeting of Danone Community's Fund which finances social businesses in several countries, including Cambodia. He visited the '1001 Fontaines', a social business which is providing safe water to Cambodian villages through over one hundred rural water treatment plants operating within the framework of social business franchise model. Each plant is run by a village entrepreneur under the supervision and quality control of the '1001 Fontaine'.

In Phnom Penh, Muhammad Yunus addressed the students and the faculty of Royal University of Cambodia which became interested in introducing an academic programme on social business. Professor Yunus was given a reception by the Microfinance Association of Cambodia where he engaged in a detailed discussion on the future direction of microcredit in Cambodia.  

Prof Yunus was taken to visit Chamroen microcredit programme and meet the borrowers at their homes on the outskirts of Phnom Penh.

He returned home on March 7.