Intel partners with micro-credit organization

May 28 2008

Intel has announced a partnership with the Grameen Trust, the organization that offers micro-credit loans in developing countries. The Grameen Trust founder Muhammad Yunis and his organization were awarded the Nobel Peace Prize in 2006 for their groundbreaking work with micro-credit in Bangladesh.

I should mention that Grameen Bank is not all unicorns and rainbows, Bangladeshis have complained of the bank’s rough collection practices.

Intel wants to make use of Grameen’s social business model, micro-credit and in-roads into communities to reach the developing world with information technology. Already many Grameen Bank patrons use their loans to invest in information technology.

This does not look like charity on Intel’s part, they are putting venture capital into the new joint-venture, but hopefully the move will help spur economic development in poverty-stricken countries.

Video of Intel’s announcement, promo video from Yunis after the bump.

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