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September 24, 2017

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Ma lauds Nobel laureate's microcredit loan scheme

TAIPEI--President Ma Ying-jeou lauded Nobel Peace Prize winner Muhammad Yunus yesterday for his revolutionary microcredit scheme that gives loans to poor people to start their businesses.

Over the past 60 years, Taiwan has provided similar assistance, such as business loans and credit guarantees, to small- and medium-sized enterprises, which account for 98 percent of businesses in the country, Ma told the Bangladeshi economist at the Presidential Office.

Narrowing the gap between rich and poor is the administration's main goal, Ma said, adding that he hoped the benefits of economic development could be shared by everyone, not just big companies.

During the meeting, Ma also said Yunus' model outperformed the communist model of Karl Marx, which the president said created rather than solved some problems for poor people.

Yunus, 72, and Grameen Bank were awarded the Nobel Peace Prize in 2006 for their efforts to create economic and social development at the grassroots level in Bangladesh.

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