A new corporation intended to support poor families in Colombia has
created during the Regional Summit on Microfinancing in the city of Cartagena de
The bank will be known as Grameen Aval Colombia corporation and received a three million dollar starting capital of the Luis Carlos Sarmiento Angulo Foundation, whose namegiver, Luis Carlos Sarmiento Angulo, is Colombia’s richest man.
The idea of the fund came from Nobel Peace Prize 2006 winner, Bangladeshi Professor Muhammad Yunus, who has
experimented with the micro-loans in his own country and other Asian nations and knew to achieve a
positive impact in marginalized communities.
Grameen, a Bangladeshi
word that stands for “village”, because the main benefesaries are farm
families, has been proven already in Guatemala and Costa Rica.
is the first South American country to live this kind of microfinance
experience thinking in the development of poor communities. Persons
living in social disadvantage, especially women according to the
Yunus’ philosophy, would receive loans up to 1,000 dollars, while the
bank counts with the participation of its own customers that can form
It is expected that more than 15 thousand Colombians
will be benefited with the Non-for-profit project.