Grameen Trust and Fundacion Carlos Slim Launch the $45 Million Grameen Carso Microfinance Program

mexican-billionaire-carlos-slimThe mission of Grameen Carso is to significantly increase access to affordable micro-credit in Mexico for poverty alleviation through the Grameen Bank microcredit model and the support of Foundation Carlos Slim.

Grameen Carso plans to serve more than 100,000 borrowers in the first five years.

NEW YORK, Sept. 24 /PRNewswire/ — Grameen Trust and Fundacion Carlos Slim A.C., the family charitable foundation of Mexican businessman Carlos Slim Helu, have officially launched the Grameen Carso.

The official documents have been signed and the operation is off to a strong start, first in Oaxaca and then throughout Mexico. As of September 19, 2009, Grameen Carso has 265 members of which 195 have received their first loan. The project has disbursed a total of US$49,620.00 and the average loan size is $267.00. Grameen Carso has been able to maintain a 100% recovery rate, working 100% with women borrowers.

Foundation Carlos Slim will initially deploy $5 million in grant funding and guarantee $40 million for microcredit loans. Grameen Carso will focus on Mexico’s poorest residents in an effort to create income generating opportunities and help lift them to a higher standard of living. Furthermore, Grameen Carso intends to issue microcredit loans at interest rates lower than those currently offered by other microcredit providers in Mexico. This will be a social business — all profits of the joint venture will be recycled back to expand operations.

Grameen Trust is managing the operations of Grameen Carso through a team of four microcredit experts from the Grameen Trust who arrived in Mexico during June of this year. Grameen Carso will initially focus its operations in the southern state of Oaxaca. Within three months of operating in Mexico and through the tenacious efforts of the newly trained and hired local Mexican staff, Grameen Carso has established the project office in Oaxaca and three separate branches in Miahuatlan, Huajuapan, and Oaxaca. The first micro-credit loan was proudly disbursed, July 3rd 2009.

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