The findings of a recent World Bank study indicate that 1.2 billion people live in absolute poverty, equal to 20% of the world population. In Latin America also one out of every five inhabitants survive on less than one dollar a day.

Inspired by the experience of Grameen Bank in Bangladesh that is being replicated in more than 60 countries and is serving over 2.5 million borrowers, primarily women, replication has recently begun in Argentina. In April 1999, Professor Yunus arrived for the first time in Buenos Aires and the Grameen seed was planted as a result of an interview with the author of this article.

We went to Bangladesh in May '99 and upon our return started the Argentine Grameen experience.

A Growing Network

A network of organizations and volunteers who identified themselves with the concepts of Grameen slowly emerged and in September, the Fundación Grameen Aldeas Argentina became a reality both in the legal and operational sense. In November 1999, three of our Foundation's officers went to Bangladesh to receive training at the Grameen headquarters and at various branches, in order to acquire the technical and methodological know-how needed to initiate Grameen type of microcredit in Argentina.

The process of replication in various locations in Argentina started at the beginning of 2000 by means of strategic alliances with local NGOs. Microloans have already been disbursed in the replications at Posadas, Formosa, Mendoza, Bahía Blanca, La Plata and Santa Fe and an additional number of NGOs have been trained and are scheduled to begin microcredit operations in the very near future.

The Fundación Grameen Aldeas Argentina received some support from the United Nations Development Program last year, and in 2001, signed agreements with the main National Bank (the Banco de la Nación Argentina) and with the Buenos Aires City Government.

Approximately 30 volunteers in the Buenos Aires area and 100 people directly involved in the operations in other provinces of Argentina comprise an outstanding solidarity network. The objective for the year 2003 is to have 50 replications operating throughout the country.

In addition, parallel projects are being initiated for the provision of telephone services to the poorest segment of the population (GrameenPhone Argentina), and the channeling of markets for crafts that Grameen borrowers produce. Grameen Argentina is also proud to host the only Grameen website in Spanish (www.grameenarg.org.ar) and as a result receives a great number of visits and inquiries.

Crossing Borders

Word of our task has crossed country borders within Latin America and abroad. We have received petitions from scholars around the world to come to Argentina to carry out internships in order to have a first hand knowledge of our work in the field. An economist from the University of Bologna (Italy) is currently working with us and studying the effects of transformation Grameen has on its borrowers. Another colleague has recently arrived from the United States.

Additionally, the replication in Uruguay began operating after our initial training and the Fundación Grameen Aldeas Paraguayas is currently underway and will carry out an ambitious task in Paraguay, where its officers will incorporate the Grameen methodology with our assistance and supervision.

The Future

The enthusiasm and will of those of us who carry out Grameen in Argentina does not wane, especially when it is possible to witness events such as the following:

Some months ago, while receiving the loan, one of our clients said to us that the meaning of her Center's name, reflected the sincere hope she and her companions have deposited in Grameen: "Our Center is called RISING SUN.... It symbolizes a new day and the future".

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By Dr. Pablo Broder in Argentina