Founder of Grameen Bank and Noble Peace Prize Winner Professor Muhammad Yunus on Thursday stressed that ending poverty is possible through preventing monopoly and encouraging youth to run successful enterprises. Redesigning economy and fighting unembloyment will also have a positive impact in the struggle against poverty, Yunus told KUNA during his visit to Kuwait.
The most important step in the process is to avoid pressuring youth into taking jobs under those who own the most parts of capitals, he said. "This will encourage youth to engage in personal enterprises away from companies or bodies where most wealth is concentrated," he noted.
The professor said that working for others is a newly introduced idea to humans, adding that it is only a few centuries-old. He noted that depending on others to provide a job is the main cause behind poverty. People in the olden times were self-independent, working in farming and hunting, he explained.
The second step is to create reforms in the current education system that can influence the generations to become pioneers in personal enterprises in the future, Yunus said.
Meanwhile, Yunus said that assuring youth that social work will provide a good source of income while also benefitting society is also key in the fight against poverty.
Speaking about the Garmeen Bank for the poor, Yunus said the main goal for the bank is to help people in need. He noted that it provides loans without interest and does not pressure people to make the payments. The banks' clients know that their loan payments will be helping others living in the same severe financial conditions, he added.
Garmeen, established in 1983, is financially self-independent and does not rely on outside capitals. The number of clients totaled eight millions in Bengaladesh, where the bank is located, with 98 percent being women, Yunus said. The bank is also executing microfinance programs around the world, he added.
Yunus has participated in a seminar entitled "redesign economy to redesign the world" held at Kuwait Chamber of Commerce, under the patronage of His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah, organized by Kuwaiti small and medium-sized enterprises society and the Ministry of State for Youth Affairs.