Grameen Bank, the Bangladesh-based organization known for providing small loans in poverty-stricken rural areas, is planning to open a branch in Japan next summer, sources said Saturday.
Grameen Japan will focus on helping people in need of financial aid such as those receiving welfare benefits and struggling single mothers as they look for work opportunities.
Founder and Nobel laureate Muhammad Yunus visited Japan in February and agreed to set up the branch with Meiji Gakuin University professor Masahiro Kan, an expert in microfinance who has previously worked at the World Bank. A preparatory body was created last month to work out details.