The Grameen family is gratified that the report confirms that there was no wrong-doing with regard to NORAD funds. We were also happy to note that the report recognizes that GB's interest rate is the lowest among microfinance organizations in Bangladesh including government run microfinance programmes. We appreciate the Committee's conclusion that Grameen Bank and its sister organizations have had a profoundly positive impact on the socio-economic condition of Bangladesh.

We would also like to draw the attention of all readers of the report that the report did not contain any suggestion that the Review Committee had been misled in its review process by Grameen Bank and any of its officers, rather it recognized that GB officers had fully cooperated with the review process.

The report does not contain anything to suggest that Professor Muhammad Yunus or his family members or any other person involved has profited personally, whether financially or in any other way; all of the mentioned "irregularities" are administrative issues which can be addressed by appropriate executive actions.

We are glad to know that Grameen Bank has been cleared of the unfounded allegations of "improper" lending activity and that the Bank's core functions have been given a clean bill of health.

We have noted that some newspapers and commentators have seized on the release the report, to broadcast or publish misleading stories of their own making. We are deeply concerned about the false, baseless and defamatory statements published in several newspapers against Grameen Bank and Professor Muhammad Yunus on the occasion of the submission of the report and hope that action will be taken in this regard by the concerned authorities.

We clearly state that all transactions from Grameen Bank to its borrowers and any other sister organizations were made within the law. Nothing unethical or immoral was done to personally benefit Professor Muhammad Yunus or any of the directors of Grameen's sister organizations.

In recent days, much has been written on the benefits (or lack thereof) of microfinance (micro-credit). Some writers are economists and others simply interested in the subject who have based their opinions on research conducted by economists on microfinance in Bangladesh and abroad. Authors who have been critical of microfinance use several strategies to undermine the case of micro-credit as an instrument of poverty alleviation.

One strategy is to first set up a straw man to easily demolish the argument that microfinance benefits the poor. The critics began by making the exaggerated claim that pioneers like Professor Muhhamad Yunus of the Grameen Bank (GB) have said (or implied) that microfinance alone can overcome poverty, and result in a developed, poverty-free economy.

The problem with this approach is that it is patently untrue. Prof Yunus who completed his doctoral dissertation under the renowned economist N. Georgescu Roegen at Vanderbilt University knows about econometrics and measurement methodologies used by academic economics. He has never made the claim that micro-credit is the "magic bullet" that will solve all problems of underdevelopment and poverty. Similarly, no one in the wider micro-credit industry has taken the position that standard growth strategies such as macroeconomic reforms, promoting industrialization, export promotion, and investment in education are ineffective tools for economic development or poverty alleviation.

To my knowledge, none has made the claim that microfinance is superior to macroeconomic tools for poverty alleviation and economic growth. In his 2008 book, Creating a World Without Poverty, Yunus wrote of the significance of foreign direct investment for industrialization, duty-free access for Bangladesh exports, and access to foreign labour markets for remittance income flows (page: 103-128). This shows that this particular criticism is without merit.

Without microfinance institutions such as the Grameen Bank, the poor would have no access to institutional finance, and would be left at the mercy of the village money lenders. It is true that not every borrower of a micro- loan is going to be successful. No model or strategy is perfect. Some would fail, and get caught in a debt trap. But let us not forget that in the case of GB, nearly a billion dollars is borrowed by over 8 million poor households each year. How many cases of distress have we heard? On the contrary, there are many millions of instances of lives rebuilt and lives changed. The global impact is improvements in the lives of more than 100 million poor, and growing.

(Photo: https://photos.prnewswire.com/prnh/20110322/NY69539)

"Tonight was a first for independent films like To Catch a Dollar," said Gayle Ferraro, the documentary's director and producer. "The entrepreneurs I've met along the way - the women empowered by the Grameen model, both here and in 65 countries around the world are an absolute inspiration, and it's been an honor to be able to share their stories with the public in such a unique way."
As the program ended Matt Damon reached out to audience members inviting them to find out how they can help at www.tocatchadollar.com, and Hugh Jackman encouraged audiences to take immediate action by supporting the first publicly funded Grameen America branch through a text 2 give campaign. By texting 'AMERICA' to 85944, the public will give a $10 donation to Grameen America (a 501(c)3 non-profit organization). Funds raised will go to a future Grameen America branch, a branch selected by the public through an innovative online campaign. Beginning tonight, the public will choose from four candidate cities - Atlanta, Chicago, Los Angeles and Washington, D.C. - and all funds will be earmarked for the launch of a branch in the city selected. Using their Facebook accounts, voters will be able to vote once per week for the life of the contest.

The film's producers intend to use tonight's event to launch a broader campaign designed to educate, assist and activate a growing community supporting microfinance services in the United States. Throughout the month of April, in partnership with leading activist and advocacy organizations, the To Catch a Dollar community will explore issues related to the film and relevant for America today: women in poverty, the plight of the "unbanked" in America, savings and financial literacy, and policy solutions. In partnership with Dress for Success and generous support from the Allstate Foundation, the producers will also use April to launch the My Dollar, My Life campaign, an effort to encourage Americans to take steps to improve their own financial stability while helping to raise funds for Grameen America.

Politicians, civil society members, lawyers, journalists and Grameen Bank borrowers have urged the prime minister not to give in to the influence of the people around her and allow Prof Muhammad Yunus to run his microfinance bank.

The plea came from a solidarity rally yesterday at the Jatiya Press Club, where papers with signatures of 37 lakh Grameen borrowers defending the Nobel laureate were put on display.

The event was organised by "The Citizens' Committee to Protect the Honour of Nobel Laureate Professor Yunus," a national support platform for the Grameen founder.

The committee was formed after Bangladesh Bank relieved the microfinance pioneer of the post of managing director at Grameen. The committee includes politicians, lawyers, civil society members, rights activists and professionals.

Politician ASM Abdur Rob said no civilised people in the world can perceive the so-called demand that the Nobel Peace Prize must be returned to the Nobel Committee.

The politician urged Prime Minister Sheikh Hasina to fathom the impact of Dr Yunus' removal from the bank and make the right move to redress it.