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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.

1 Comment
August 16, 2012    viaboston@
Narrowing the gap between rich and poor...HAHAHAHA...this administration and it's importation of capital to China has destroyed the Taiwanese economy and made the gap widen, real wages have FALLEN precipitously in the last five years. How do Taiwanese keep buying the idea that the KMT somehow knows how to improve the economy in this country and that they are helping the poor and middle class. Astonishing that this is published and more astonishing that people believe it...not the least to say that microcredit loans have been widely seen to be a failure....HAHAHA ridiculous this man and this party.
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