Grameen Foundation, YouChange Foundation to expand microfinance in China

Microfinance Focus, Sep 23, 2010: Grameen Foundation and the China Social Entrepreneurship Foundation (YouChange Foundation) have entered into an agreement to increase access to microfinance poor people in China. The agreement was signed recently during the Sub-Forum on Rural Finance session at the YouChange Foundation’s Social Innovation Forum.

Beijing based YouChange PuRong Information Advisory Co. Ltd. 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.).

“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.”

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