Grameen Foundation And Youchange Foundation Announce New Collaboration To Expand Microfinance Servic

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23rd September 2010, 08:40am - Views: 555





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MEDIA RELEASE PR41400


Grameen Foundation and YouChange Foundation Announce New Collaboration to Expand Microfinance

Services in China


HONG KONG, Sept. 22 /PRNewswire-AsiaNet/ --


          YouChange PuRong Is the First Social Business in China to Use

                        Principles of Muhammad Yunus


    Grameen Foundation and the China Social Entrepreneurship Foundation (also

known as YouChange Foundation) have formed a landmark collaboration designed

to increase access to microfinance for millions of poor people in China.

Beijing YouChange PuRong Information Advisory Co. Ltd. (YouChange PuRong) is

a social business that represents a unique partnership between the

development sector (YouChange Foundation, Grameen Foundation) and the

business community (Jilifu Investment Consulting (Shanghai) Co. Ltd., Beijing

Orienland Mortgage Co. Ltd., Fosun Venture Capital Investment Co. Ltd.).



    (Logo: http://www.newscom.com/cgi-bin/prnh/20091026/GFLOGO)


    The formal signing of the collaboration was held Wednesday, Sept. 15,

during the Sub-Forum on Rural Finance session at the YouChange Foundation's

Social Innovation Forum.


    Though poverty rates among China's poorest citizens have fallen

dramatically over the past quarter century, millions still face persistent

poverty. Through this unique alliance, microfinance institutions across the

country will be able to access products and services that will enable them to

greatly expand their reach and impact on the rural poor. YouChange PuRong is

the first social business in China based on the principles of microfinance

pioneer Professor Muhammad Yunus (Grameen Bank founder and 2006 Nobel Peace

Prize Laureate), which promote access to capital as a way to alleviate

poverty. This new entity will serve as a platform for empowering tens of

millions of poor people in rural China to transform their own lives through

access to financial services, especially very small loans.


    "We are pleased to join with the China Social Entrepreneurship Foundation

in this unique partnership, which will help to bring new opportunities to

millions of poor Chinese," said Alex Counts, president and CEO of Grameen

Foundation. "Since Grameen Foundation first began supporting microfinance

activities in China in 2003, I have had a dream of China becoming a world

leader in microfinance, matching its performance in other fields and

industries. With the launch of YouChange PuRong, combined with other positive

developments in the country related to microfinance, I am more optimistic

than ever that this vision is coming close to reality."


    At the signing, Henry Yuan, CEO of YouChange PuRong, said, "This is a

pioneering step for microfinance in China. However, as a social business,

YouChange PuRong still needs help to achieve the goal of conquering poverty.

Therefore, we urge more investors, social institutions, and individuals to

join us in this cause to support, replicate, and especially help us innovate

in our actions."


    About Grameen Foundation

Grameen Foundation, a global nonprofit organization, helps the world's

poorest people lift themselves out of poverty by providing financing,

technology support, and management strategies to the local organizations that

serve them. It also spearheads technology initiatives that create new

microbusiness opportunities for the poor and improve the poor's access to

health and agriculture information and other services. Founded in 1997,

Grameen Foundation has offices in Washington, DC; Seattle; Hong Kong; Ghana;

Philippines; and Uganda. Microfinance pioneer Dr. Muhammad Yunus, founder of

Grameen Bank and winner of the 2006 Nobel Peace Prize, is a founding member

of its board of directors, and now serves as director emeritus. For more

information, please visit grameenfoundation.org.


    About Youcheng PuRong

    YouChange PuRong Information Advisory Co., Ltd. (YouChange PuRong) is a

provider of comprehensive, inclusive financing that works to help rural

microfinance institutions (MFIs) sharpen their capacity, solve their capital

shortages, and achieve sustainability, with an overarching goal of helping

the rural poor to permanently move out of poverty.


    Global contact: Liselle Yorke

    lyorke@grameenfoundation.org

    +1-202-628-3560, ext. 128

    Mobile: +1-202-549-3400


    Asia contact: Sonia Wong

    swong@grameenfoundation.org

    Phone: +852-2529-6300

    Mobile: +852-9639-8211



SOURCE:  Grameen Foundation


    CONTACT: Liselle Yorke (Global), +1-202-628-3560, ext. 128, Mobile:

+1-202-549-3400, lyorke@grameenfoundation.org, or Sonia Wong (Asia),+852-2529-6300, Mobile: +852 9639-

8211, swong@grameenfoundation.org, both of Grameen Foundation


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