The Grameen Foundation, a US-based nonprofit organization, recently announced that it is anticipating donations to its Last Mile Initiative totaling USD 1 million after receiving a USD 500,000 donation from David and Susan Russell, which must be matched with an equal amount of funds from other sources. The Last Mile Initiative was launched in 2011 with support from Chiapas International, a US-based nonprofit organization that provides loans as seed capital to poor women in Latin America. The Last Mile Initiative seeks to provide 1 million poor people with financial services and education through a mobile technology platform created by Grameen that gives farmers access to learning modules and other online information about agricultural best practices.
The Grameen Foundation reported total assets of USD 19.2 million as of March 31, 2013.
By Juan Blanco, Research Associate
About the Grameen Foundation
The Grameen Foundation, a nonprofit based in the US city of Washington, provides financial, technological and managerial support to provide new business opportunities and telecommunication services for poor people in rural areas. Though it is independent of the Grameen Bank, Dr Muhammad Yunus, the founder of the Grameen Bank, serves on the foundation’s Board of Directors. Grameen Foundation reported total assets of USD 19.2 million as of March 31, 2013.
Sources and Additional Resources
[1] Grameen Foundation, “David and Susan Russell Fuel $1 Million Toward Grameen Foundation’s Last Mile Initiative,” April 2014, http://www.grameenfoundation.org/press-releases/david-and-susan-russell-fuel-1-million-toward-grameen-foundation’s-last-mile
MicroCapital Story, April 8, 2014, “Grameen Foundation Receives Innovation Grant from GSMA’s mWomen,” https://www.microcapital.org/microcapital-brief-grameen-foundation-receives-innovation-grant-from-gsmas-mwomen-2/
MicroCapital Story, August 7, 2013, “Muhammad Yunus, Grameen Foundation, Grameen Bank, Brazil Foods (BRF) to Invest in Small Businesses, Genetically-Modified Organisms (GMOs) in Haiti,”https://www.microcapital.org/microcapital-brief-muhammad-yunus-grameen-foundation-grameen-bank-brazil-foods-brf-to-invest-in-small-businesses-genetically-modified-organisms-gmos-in-haiti/
MicroCapital Universe Profile: Grameen Foundation, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Grameen+Foundation
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