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.).
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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