World Bank
Prof. Yunus has correctly identified the malady of old stereotyped approach of World Bank lending portfolio, which is not an effective tool for poverty alleviation, needed by countries like Bangladesh.
Their mechanism does not provide for appropriate approach to funding micro-enterprise level development; necessary for improving the quality of life of the poor. The criticism of World Bank's approach and policies which needs reforming and upgrading as expressed by Prof. Yunus during his discussions with World Bank's President is fair and valid.
Because of these deficiencies, and in-depth follow up by World Bank, despite rules for procurement and other safeguards, there have been many avenues of fund leakage by self-interested people at appropriate levels in the government and the bureaucratic chain, not only in Bangladesh but elsewhere also!
Who knows may be this could be an opportunity for Grameen Bank to expand its micro-credit portfolio beyond Bangladesh to developing countries in Asia to start with. We also look forward to the results of the US experiment with positive anticipation.
As a Bangladeshi, I wish Dr. Yunus good luck in his innovative banking venture. This will definitely create a positive image for Bangladesh in future in the international banking fraternity.
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