Alibaba& Grameen Micro-finance Program


(Starting from 0"53 to 2"30, Yunus talks about the need to help individuals in China get credit access.)

Alibaba, China's largest E-commerce company, together with Grameen Bank, the role model of micro-finance, will jointly set up Grameen China to help rural Chinese get loans.

Alibaba has donated five million USD as a start-up fund for the program, which will make it most well-funded non-government micro-finance institution in China.

The program targets Inner Mongolia and the earthquake stricken areas of Sichuan, and will be expanded to other provinces. In the initial stage of the program, over 8,000 rural residents of the two provinces will each get an average loan of $400 to help them start small business or buy agricultural materials. Alibaba will also provide technology service to the program, and use the web as a tool for rural residents get easier credit access.

A study by PlaNet Finance shows that 228 million Chinese farmers still have no access to financial services.