Microfinance Expansion Jumps in Turkey; Turkish Grameen Microcredit Project Hits 10,000 Member Mark

SOURCE:

Turkish Grameen Microcredit Project

2008-07-21 09:56:00

Microfinance Expansion Jumps in Turkey; Turkish Grameen Microcredit Project Hits 10,000 Member Mark

Microfinance Expansion Jumps in Turkey; Turkish Grameen Microcredit Project Hits 10,000 Member Mark

Prime Minister Erdogan Will Hand Check to 10,000th Member

ANKARA, TURKEY–(EMWPresswire – July 21, 2008) – The Turkish Grameen Microcredit Project

(TGMP) announced today it has secured its 10,000th member. To celebrate

this milestone, Prime Minister Recep Tayyip Erdogan will hand a loan check

to the 10,000th member in a ceremony on Friday, July 25, 2008, at 11 a.m.,

at the Prime Ministry Conference Hall in Ankara. Governors of 21 cities

will attend the ceremony. Following this ceremony will be a lunch held by

Speaker of the Parliament, Köksal Toptan, at 1:30 p.m. in the Grand

National Assembly of Turkey (TBMM).

Since its inception in July 2003, TGMP, a private, non-profit organization

that provides loans and savings programs to Turkey’s self-employed poor,

has experienced impressive growth. In the past two years alone, TGMP has

jumped from three branches to 25 branches, more than tripled the number of

members (from 3,100 to 10,000 members), and disbursed over $33.9 million in

loans, compared with $2.3 million in 2006. To date, the project maintains

a 100 percent repayment rate by its more than 9,000 borrowers, all of whom

are women.

Following the model of the Nobel Prize-winning Grameen Bank, a borrower

must be a TGMP member to be eligible for a loan. To become a member,

individuals must demonstrate a sufficient financial need following specific

criteria and undergo a one-week training.

“The exponential growth of our client base reflects the strong demand for

our loans and the promise for broader poverty alleviation throughout

Turkey,” said TGMP Co-Founder and former Member of Parliament, Professor

Aziz Akgul. “Microcredit is not only focused on helping women work their

way out of poverty, but also on preventing a culture of begging,” he

continued.

Reaching the 10,000 member mark is a major achievement in TGMP’s larger

plan to expand into 64 more cities by 2010 to meet the strong demand from

micro entrepreneurs needing capital. To support its rapid expansion plans,

TGMP endorses legislation in Parliament that would allow microfinance

institutions to relend their savings deposits, to benefit more potential

borrowers. TGMP has been reaching out to companies, other non-profit

organizations and individuals as potential collaborators in making more

funds available to micro entrepreneurs.

TGMP has 25 branches in 21 cities in Turkey: Adana, Amasya, Ankara, Aydin,

Batman, Bursa, Cankiri, Corum, Diyarbakir, Erzincan, Eskisehir, Gaziantep,

Kahramanmaras, Kayseri, Mardin, Nigde, Rize, Sivas, Tokat, Yozgat, and

Zonguldak.

About TGMP

Turkish Grameen Microcredit Project (TGMP) is a private, non-profit

organization whose mission is to give women microenterprise loans to help

them work their way out of poverty. A partnership venture of Grameen Trust

and the Turkish Foundation for Waste Reduction (TISVA), TGMP issued its

first loans in July 2003 in Diyarbakir, Turkey. For more information visit

http://www.tgmp.net.

TGMP is built upon the success of the Grameen Bank of Bangladesh and its

founder, Dr. Muhammad Yunus, who jointly were awarded the 2006 Nobel Peace

Prize.

News media are invited to cover the July 25 ceremony and lunch and to pose

questions to TGMP spokespeople. For more information on microfinance,

Grameen Bank, and a biography of Professor Yunus, please visit

www.Grameen.com.

Contacts:
Turkish Grameen Microcredit Project (TGMP)
Prof. Dr. Aziz Akgul
Co-Founder, TGMP
0090 312 440 88 66 (phone)

U.S. Contacts:

Ruth R. MacQuiddy
Grameen Trust

(Turkey): (90) 534-871-30-46

Global Communicators
Kristine Heine
202-371-9600

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