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Sinclair: Within the case of Kiva and Calvert, they were both traders in LAPO [in Nigeria]. Kiva provided $5 million before it finally pulled out of LAPO. Calvert had invested in LAPO considerably, I suspect, by mistake on the idea of incomplete info supplied to it by its personal advisors. But then we’ve also received Deutsche Financial institution, Citibank, Normal Chartered. And then in Europe, the big institutions comparable to Blue Orchard Responsibility, Triple Bounce, ASN Bank. The rationale why I zoom in on these is because what’s interesting is that they had all invested on this particular establishment, Grameen Basis included. Now Muhammad Yunus doesn’t make direct investments himself, and he is usually an advocate for honest worth, moral microfinance. The unlucky drawback with Muhammad Yunus is that whereas he lectures extensively on the evils of high interest rates, the Grameen Foundation – on whose board he sits – was, in fact, one of many investors in LAPO, one of many earliest investors and guarantor to the loans from Citibank and Normal Chartered. So there’s one thing of a paradox there.

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