The Microcredit Symposium started with Professor Latifee's words, "Poverty is not caused by incompetence of people, but a lack of social mechanism that is obliged to facilitate poor people's effort to make living." The symposium theme, the Establishment of Microfinance in Korea attracted Korean media's attention.

In addition to attending the symposium, Professor Latifee, Managing Director of Grameen Trust, was invited to Ewha University for a special lecture and had a dialogue with the Chief Secretary to the President for National Policy. He also visited the small group meetings to see how they operate in Korea and participated in many other events.

Under the title of "Microcredit, the Most Effective Strategy for Poverty Eradication", the symposium was hosted by the Joyful Union, and sponsored by the Citigroup and the Ministry of Health and Welfare on May 18, 2005, in Seoul. The symposium was held in the Korea Federation of Banks building, which was very meaningful because the symposium was about poor people's financial program, microcredit.

The symposium was composed of the lectures of Professor Latifee and Rev. Kang Myung Soon, and presentations of various discussants. The focus of the symposium was on how to improve and implement microcredit system and corresponding legal framework in Korea. It was very encouraging when an authority from the Ministry of Health and Welfare said that it would prepare various supporting policies such as providing financial support for the microcredit program.

SPBD Foundation, a microenterprise development organization based in the South Pacific island of Samoa, began its journey in January 2000. Its mission was to provide the poor island women with real opportunities for generating self-employment and making a better life for themselves. It targets the 48% of the Samoan population that the UNDP has declared to be food deficient. SPBD not only provides microcredit to its members, but also motivational training and guidance to ensure the proper development of their microenterprises.

Samoa is an island state consisting of two main isles, Upolu and Savaii, with a population of 199,000. Samoa is mainly agrarian, and is considered as one of the world's 49 LDCs. SPBD's head office is situated in Apia on Upolu island, and is operating in more than 150 villages spread across the island.

Since inception, SPBD has expanded its outreach to more than 4,800 women, to whom it has disbursed nearly US$ 2.3 million as loans. Surpassing US$2 million in cumulative loans by December 2004 was a major milestone for the organization. SPBD enjoys a 98% repayment rate.

SPBD prides itself in being one of the most effective organizations working towards eradicating poverty worldwide. It has a lean cost structure, with a trained and committed local staff, headed by founder Greg Casagrande, who is a full-time unpaid volunteer.

It also provides innovative and effective products, such as microentrepreneurial loans, housing loans and child education loans that help in creating income-generating activities for its members. SPBD is also active in promoting the cause of microcredit worldwide, as Mr. Casagrande is one of the members of the Board of Patrons Advisors Group for the UN International Year of Microcredit 2005. SPBD's continuous hard work amidst tough conditions in the island has highlighted it in the global academic world as well, as it was selected by Harvard University as the subject of one of its forthcoming research projects, conducted in January 2005.

In the future, SPBD hopes to become a full-fledged bank, providing sustainable financial services to 10,000 members within the next five years. In the coming two years, the Foundation hopes to become financially viable, which will enable it to assist more Samoans in climbing out of poverty.

SPBD Foundation has been a Grameen Trust partner since 2000.

LAPO was set up in 1987, as a response to the gender imbalance in anti-poverty programs undertaken in Nigeria at that time. The main purpose was to provide credit to women, especially those in extreme poverty, in order to improve their lives, and empower them by creating greater awareness of their rights and role in society.

LAPO as the leading microfinance institution in Nigeria has given out US$ 13,298,250 loans to 35,973 borrowers. The organization currently has 32 branches located around the country.

LAPO believes that poverty alleviation goes beyond the issue of money. Hence it set up a subsidiary project called the Social Development Programme (SDP). This programme provides general information to women regarding heath care, capacity and self-esteem building, realizing their potential and understanding that some of the injustices and indignities that they suffer need not continue.

The SDP is made up of LAPO Development Centre (LADEC) and LAPO Health. These programmes work not only with the members, but also with their communities, creating awareness about health issues and bettering the lives of the poor.

LAPO has positively impacted the lives if its members. It has helped not only to improve the standard of living of these poor women, but also to provide them with an opportunity to exercise their capabilities and dispel myths that women cannot work and provide for the family. Hence, they now have a voice in the decision making of their families and their lives.

LAPO further motivates and encourages member participation and interest in their work by allowing them to express their concerns and views on such vital issues as interest rates, loan payments, and repayment schedule. Two members, Patience Omoregie and Mrs. Owinije, said that they have found LAPO's mode of repayment and interest rate very favourable compared to other institutions.

LAPO has signed a Memorandum of Understanding (MoU) with Chemonics International, which is a US based enterprise. Under this agreement LAPO will be able to access funds from commercial banks to lend to micro enterprises.

I used to look for any job I could find outside of my house;
Now I am a Grameen Mendoza borrower,
I work for myself at home and I have more time with my family.
I used to have just ones tander;
Now I own a variety of tools to create my folk art:
Horse-drawn carts, card-playing men and little mice
Made with discarded pits from the peach factory.
I only had bricks and mortar to build my one-room house,
the frigid winter air and sweltering summer heat seeped through the walls;
Now I have sealed the bricks with smooth concrete.
I had nothing to heat my house;
Now I have built a fireplace between our beds and the kitchen.
I had to quit school after 6th grade;
Now My children are studying at a private school.
My wife couldn't complete her nursing degree;
Now She works in a hospital earning 640 pesos (213USD) per month.
My lean-to workshop is made of old bricks, scraps of wood and a dirt floor;
Now I will pour a foundation, construct sturdy walls and replace the tin roof.
I used to struggle on my own;
Now I will hire an employee and we will make furniture together.
I earn 400pesos (133USD) per month;
Soon I will make much more money selling larger products.
I used to live with fear and anxiety;
Now, I, Leonardo Javier Arce, have dignity and hope.

Grameen Trust and Grameen Bank will offer training programs on Grameen Bank-II, known as the Grameen Generalized System in Bangladesh. The training program covers the innovations introduced by Grameen Bank in recent past with rewarding results.

Organizations interested to participate in the training programs, please contact for details:

Managing Director
Grameen Trust
Grameen Bank Bhaban
Mirpur-2, Dhaka 1216, Bangladesh
Phone/Fax: 880-2-8016319
E-mail: gt_repli@grameen.com