Grameen Fund
Encyclopedia
Grameen Fund is a not-for-profit company in Bangladesh
established by Muhammad Yunus
to provide risk capital to small and medium enterprise
s (SME) beyond the scope of Grameen Bank
's objectives of providing microcredit
to the very poor. Incorporated in 17 January 1994, Grameen Fund started operation in February 1994, inheriting 40 projects of Grameen bank with assets of 391 million Bangladeshi taka
investmented in small industries, fisheries and agriculture. Its lending capital is provided by Grameen Bank and other institutions like Calvert Foundation. From the first Calvert Foundation investment, approximately 6,000 permanent jobs have been created or maintained in agriculture, engineering, poultry, dairy, fishery, and handicrafts sectors.
As of 2007, it invested equity worth $1.0 million in 13 joint ventures and financed 1763 small and micro enterprises in Bangladesh, especially in technology-oriented industries, by providing collateral-free fixed and working capital loans. It has provided capital loans to other Grameen family organizations including Grameen Motsho, Grameen Krishi Foundation, Grameen Uddog, Grameen Babsha Sheba Limited, Polli Dushtha Bio Centre, Gonoshasthya Grameen Textile and Grameen Securities Management Limited. Till 30 August 2006, it disbursed taka 135.5 to 1257 projects in the Grameen Bank network. During the fiscal year 2006, 219 loans were made for a total of US $362,174, including 216 microenterprise loans and 3 small business loans. Of the micro enterprises, 21 was for minority-owned businesses, and 3 for women-owned businesses.
Its stated objective is to create a mechanism to support untested business that shows promises of good return or employment generation by filling in the venture capital gap. The four programs of the Fund are - Venture/ Equity Financing Scheme, Micro Enterprise Loan Scheme, Loan Financing, and Time Deposit Loan Scheme.
and Chittagong Stock Exchange
s. Grameen Fund is the sponsor and trustee
of the fund, while Standard Chartered Bank
is the custodian
and Asset & Investment Management Services of Bangladesh Limited (AIMS) is the asset manager.
, Dhaka
, Bangladesh
founded in July 1996 by Dr. Muhammad Yunus
and Golam Mohiuddin, an entrepreneur prooting Apple Inc. in Bangladesh, as a joint venture between Grameen Fund, the venture capital arm of Grameen Bank
, and CITech Limited, Mohiuddin's enterprise. As of August 2007, it provides a full suite of cost-effective business class network services, designed to meet the high communication service standards and evolving needs of large business to over-30,000 clients in various sectors.
in Savar
, Dhaka
. It has knitting, dyeing, finishing and garments production facilities.
Bangladesh
Bangladesh , officially the People's Republic of Bangladesh is a sovereign state located in South Asia. It is bordered by India on all sides except for a small border with Burma to the far southeast and by the Bay of Bengal to the south...
established by Muhammad Yunus
Muhammad Yunus
Muhammad Yunus is a Bangladeshi economist and founder of the Grameen Bank, an institution that provides microcredit to help its clients establish creditworthiness and financial self-sufficiency. In 2006 Yunus and Grameen received the Nobel Peace Prize...
to provide risk capital to small and medium enterprise
Small and medium enterprise
Small and medium enterprises or small and medium-sized enterprises are companies whose headcount or turnover falls below certain limits.The abbreviation "SME" occurs commonly...
s (SME) beyond the scope of Grameen Bank
Grameen Bank
The Grameen Bank is a microfinance organization and community development bank started in Bangladesh that makes small loans to the impoverished without requiring collateral...
's objectives of providing microcredit
Microcredit
Microcredit is the extension of very small loans to those in poverty designed to spur entrepreneurship. These individuals lack collateral, steady employment and a verifiable credit history and therefore cannot meet even the most minimal qualifications to gain access to traditional credit...
to the very poor. Incorporated in 17 January 1994, Grameen Fund started operation in February 1994, inheriting 40 projects of Grameen bank with assets of 391 million Bangladeshi taka
Bangladeshi taka
The Taka is the currency of Bangladesh. Bangladesh Bank, the central bank of the country controls the issuance of the currency except one taka and two taka notes, which are the responsibility of Ministry of Finance of the government of Bangladesh...
investmented in small industries, fisheries and agriculture. Its lending capital is provided by Grameen Bank and other institutions like Calvert Foundation. From the first Calvert Foundation investment, approximately 6,000 permanent jobs have been created or maintained in agriculture, engineering, poultry, dairy, fishery, and handicrafts sectors.
As of 2007, it invested equity worth $1.0 million in 13 joint ventures and financed 1763 small and micro enterprises in Bangladesh, especially in technology-oriented industries, by providing collateral-free fixed and working capital loans. It has provided capital loans to other Grameen family organizations including Grameen Motsho, Grameen Krishi Foundation, Grameen Uddog, Grameen Babsha Sheba Limited, Polli Dushtha Bio Centre, Gonoshasthya Grameen Textile and Grameen Securities Management Limited. Till 30 August 2006, it disbursed taka 135.5 to 1257 projects in the Grameen Bank network. During the fiscal year 2006, 219 loans were made for a total of US $362,174, including 216 microenterprise loans and 3 small business loans. Of the micro enterprises, 21 was for minority-owned businesses, and 3 for women-owned businesses.
Its stated objective is to create a mechanism to support untested business that shows promises of good return or employment generation by filling in the venture capital gap. The four programs of the Fund are - Venture/ Equity Financing Scheme, Micro Enterprise Loan Scheme, Loan Financing, and Time Deposit Loan Scheme.
Equity projects
Grameen Fund runs a number of ventures as private entrepreneurships, including Grameen Capital Management Limited, Grameen CyberNet Limited (GCL), Grameen Bitek Limited, Grameen Solutions Limited (previously known as Grameen Software), Grameen IT Park Limited (also known as DataEdge), Grameen Star Education Limited (which started Grameen-Daffodil IT Education Limited, Grameen Knitwear Limited, GlobeKids Digital Limited, and Rafiq Autovan Manufacturing Industries Limited.Grameen Mutual Fund One
Grameen Mutual Fund One is a team-managed all-weather closed-end balanced mutual fund enlisted at DhakaDhaka Stock Exchange
Dhaka Stock Exchange is the main stock exchange of Bangladesh. It is located in Motijheel at the heart of the Dhaka city. It was incorporated in 1954. Dhaka stock exchange is the first stock exchange of the country...
and Chittagong Stock Exchange
Chittagong Stock Exchange
Chittagong Stock Exchange is a stock exchange located in the port city of Chittagong in southeastern Bangladesh. It was established in 1995 as the second stock exchange of the country. The exchange is located in the Agrabad commercial area of the city...
s. Grameen Fund is the sponsor and trustee
Trustee
Trustee is a legal term which, in its broadest sense, can refer to any person who holds property, authority, or a position of trust or responsibility for the benefit of another...
of the fund, while Standard Chartered Bank
Standard Chartered Bank
Standard Chartered PLC is a multinational financial services company headquartered in London, United Kingdom with operations in more than seventy countries...
is the custodian
Custodian
The term Custodian may refer to:* Janitor, a person who cleans, maintains, provides security and initiates repairs or makes minor repairs to buildings.* Custodian bank, an organization responsible for safeguarding a firm's or individual's financial assets...
and Asset & Investment Management Services of Bangladesh Limited (AIMS) is the asset manager.
Grameen CyberNet
Grameen CyberNet Limited is an internet content, solution and service provider in GulshanGulshan Thana
Gulshan is an affluent neighborhood of Dhaka, the capital of Bangladesh. It is home to Bangladesh's wealthiest residents, including the billionaire Musa Bin Shamsher.- History :...
, Dhaka
Dhaka
Dhaka is the capital of Bangladesh and the principal city of Dhaka Division. Dhaka is a megacity and one of the major cities of South Asia. Located on the banks of the Buriganga River, Dhaka, along with its metropolitan area, had a population of over 15 million in 2010, making it the largest city...
, Bangladesh
Bangladesh
Bangladesh , officially the People's Republic of Bangladesh is a sovereign state located in South Asia. It is bordered by India on all sides except for a small border with Burma to the far southeast and by the Bay of Bengal to the south...
founded in July 1996 by Dr. Muhammad Yunus
Muhammad Yunus
Muhammad Yunus is a Bangladeshi economist and founder of the Grameen Bank, an institution that provides microcredit to help its clients establish creditworthiness and financial self-sufficiency. In 2006 Yunus and Grameen received the Nobel Peace Prize...
and Golam Mohiuddin, an entrepreneur prooting Apple Inc. in Bangladesh, as a joint venture between Grameen Fund, the venture capital arm of Grameen Bank
Grameen Bank
The Grameen Bank is a microfinance organization and community development bank started in Bangladesh that makes small loans to the impoverished without requiring collateral...
, and CITech Limited, Mohiuddin's enterprise. As of August 2007, it provides a full suite of cost-effective business class network services, designed to meet the high communication service standards and evolving needs of large business to over-30,000 clients in various sectors.
Grameen Knitwear
Grameen Knitwear Limited was established as an export-oriented composite knitwear factory, in the Export Processing ZoneFree trade zone
A free trade zone or export processing zone , also called foreign-trade zone, formerly free port is an area within which goods may be landed, handled, manufactured or reconfigured, and reexported without the intervention of the customs authorities...
in Savar
Sävar
Sävar is a locality situated in Umeå Municipality, Västerbotten County, Sweden with 2,672 inhabitants in 2005.It is located by E4 about 15 km north of Umeå, Sweden. Sävar is mostly known for being the last battlefield of the Finnish War....
, Dhaka
Dhaka
Dhaka is the capital of Bangladesh and the principal city of Dhaka Division. Dhaka is a megacity and one of the major cities of South Asia. Located on the banks of the Buriganga River, Dhaka, along with its metropolitan area, had a population of over 15 million in 2010, making it the largest city...
. It has knitting, dyeing, finishing and garments production facilities.