This morning, Five Talents International celebrated the announcement that the 2006 Nobel Peace Prize was awarded to Dr. Muhammad Yunus and Grameen Bank for their efforts in microcredit.
Yunus, founder and managing director of Grameen Bank in Bangladesh, is internationally recognized for his work in poverty alleviation and the empowerment of poor women. Grameen Bank was started in 1976 as a microcredit institution dedicated to providing small amounts of capital to the poor, without collateral, for self-employment. Since then, it has grown to become one of the largest microfinance institutions in the world providing collateral-free loans to 6.4 million borrowers in Bangladesh, primarily to women.
Five Talents International (www.fivetalents.org) was created in 1998 to partner with the Anglican Communion to deliver those same types of microcredit and business training services directly to the poor in developing countries.
“The Nobel Peace Prize recognizes the power and impact of small loans and business training to achieve peace and prosperity in poor communities,” said Craig Cole, executive director of Five Talents International. “It’s amazing to see lives reconciled and conflicts resolved due to the work of Dr. Yunus and other microcredit organizations.”
In November, Cole will give a presentation at the prestigious Microcredit Summit Campaign in Halifax, Nova Scotia (www.globalmicrocreditsummit2006.org), which will be attended by more than 2,000 delegates from more than 100 countries involved in microcredit, including Dr. Yunus.
“We are proud to be working with the Anglican and Episcopal Church worldwide, and my presentation in Halifax will focus on the church’s power in delivering microcredit,” Cole said
Since its inception, Five Talents International has provided funding for business training and thousands of loans, ranging from $50 to $300, in 12 countries across Africa, Asia and Central and South America. Each loan finances a micro business that in turn employs at least five other people. A majority of the loan recipients are women.
Five Talents’ is based at the Church of the Holy Comforter, Vienna, Va., with an office in the United Kingdom. Hundreds of volunteers support this ministry with their time and talents. For more information, visit www.fivetalents.org.
October 13, 2006
Five Talents International
P.O. Box 331
Vienna, VA 22183
Contact: Craig Cole, Executive Director, (703) 242-6016 or firstname.lastname@example.org