Luzhkov Says Nobel Laureate Inspiration for Loan Program
Mayor Yury Luzhkov told Nobel Prize-winning banker Muhammad Yunus on Tuesday that his ideas about microcredit had spurred City Hall to open a program offering quick, small loans to small businesses.Yunus — a Bangladeshi banker who together with his bank won the 2006 Nobel Peace Prize “for their efforts to create economic and social development from below†— has pushed for the idea of issuing small loans at low interest rates and without collateral to small, predominantly family-run businesses.
Luzhkov said municipal authorities would issue 66,000 loans this year, the largest amounting to 300,000 rubles ($10,500), Interfax reported.
(MT)
Source: http://www.themoscowtimes.com/news/article/luzhkov-says-nobel-laureate-inspiration-for-loan-program/389767.html
