Slim and Yunus to offer credit to Mexico's poor

from Business Week

Mexican billionaire Carlos Slim and Bangladeshi Nobel Prize winner Muhammad Yunus are joining forces to offer credit to poor people in Mexico.

Slim and Yunus are creating Grameen-Carso, a lending institution that in its first phase will provide at least 80,000 loans.

Slim is committing at least US$45 million to the venture, which they expect to expand to other parts of Latin America.

Slim said Monday the institution will follow the model developed by Yunus' Grameen Bank.

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