In this issue Muhammad Yunus and the Grameen Bank Win the Nobel Peace Prize Mifos Initiative launched at the Global Microcredit Summit Microfinance leaders at the High Growth Partners Forum Recent publications

You can help 1. Send an e-card this holiday season with the story of a poor woman's triumph. 2. Give a path out of poverty to women and families in extreme poverty.

Muhammad Yunus and the Grameen Bank Win the Nobel Peace Prize Supporters worldwide will be watching on December 10 -- join in at www.grameenfoundation.org/nobelprize/ Professor Yunus celebrating with former US president Bill Clinton The staff and board of Grameen Foundation congratulate Professor Muhammad Yunus and Grameen Bank on winning the 2006 Nobel Peace Prize. Professor Yunus, founder of Grameen Bank as well as a founding and current board member of Grameen Foundation, started the Grameen Bank in 1976 with initial loans totaling just $27. That experiment has since grown to reach over six million poor women in Bangladesh. Professor Yunus tells the story best in his book, Banker to the Poor. Upon hearing the extraordinary news when it was announced on October 13, an elated Grameen Foundation president Alex Counts remarked that "Professor Yunus is a remarkable visionary whose unshakeable belief in the power of people to help themselves escape poverty has become a rallying call across the globe. His dream to put poverty in a museum where it belongs continues to be an inspiration to me and to countless others." The 2006 Nobel Prize will be awarded on December 10 in Oslo, Norway. The ceremony will be broadcast live over the Internet, and CNN will broadcast a special program on the award and Grameen Bank. Grameen Foundation supporters around the world will be watching and sharing the story of Grameen microfinance with friends and colleagues. Please join us -- learn how to watch and take action at www.grameenfoundation.org/nobelprize/. Grameen Foundation Third-Time Recipient of Social Capitalist Award: For the third consecutive year, Grameen Foundation has received a Social Capitalist Award from Fast Company Magazine and Monitor Group. Grameen Foundation was one of 43 US-based nonprofits to be recognized for their creativity and ingenuity in fighting social problems in the U.S. and globally. Grameen Foundation launches the Mifos Software Initiative at the Global Microcredit Summit Muhammad Yunus and Grameen Technology Center director Peter Bladin presenting at the Mifos launch With the support of Professor Muhammad Yunus and the Goldman Sachs Global Markets Institute, Grameen Foundation's Technology Center successfully launched the Mifos Software Initiative to over 1,000 delegates at the 2006 Global Microcredit Summit, November 12-15 in Halifax, Canada. Mifos is designed to address the significant technology challenges facing microfinance practitioners worldwide by revolutionizing the way they access and use technology to run their operations. Grameen Foundation, through this initiative, is committed to putting control of the technology in the hands of those who will use it. Omidyar Network, which is providing a $1.5 million grant to support the initiative, is one of the many key corporate and funding organizations that have thrown their support behind Mifos. "Omidyar Network is committed to advancing technologies that will benefit and transform the entire microfinance industry," said Elizabeth Clarkson, investment manager at Omidyar Network. In addition to our successful Mifos launch, Grameen Foundation joined a number of MFIs and MFI networks in signing on to the Summit's two ambitious goals for 2015: to ensure 175 million of the world's poorest have access to credit, and to assist 100 million of the world's poorest families in moving above the dollar-a-day income threshold. Former US President Bill Clinton appeared by video at the closing ceremony of the Summit, announcing his support of the Summit's new goals. The summit was attended by bankers, government officials, and microfinance practitioners from more than 100 countries. In addition to Professor Yunus, Queen Sofia of Spain, President Zelaya of Honduras, and other high-level leaders participated. Microfinance leaders share strategies at Grameen Foundation's High Growth Partners Forum Clients of Cashpor India After three days of developing relationships, sharing experiences and exchanging ideas, participants at Grameen Foundation's inaugural High Growth Partners Forum declared it a resounding success. Held October 15-18 in New Delhi, India, the forum attracted over 40 CEOs, COOs, and CFOs from 14 Grameen Foundation partner microfinance institutions (MFIs). It was a unique opportunity for them to share strategies for success with their counterparts after confirming that MFIs in different countries face some of the same challenges. Participants also had a chance to interact with two Grameen Foundation board members, Janet Thompson and Bob Eichfeld, who served as facilitators. The wide-ranging workshop and roundtable discussions touched on many of the burning issues facing MFIs: securing debt and equity financing, managing human resources, maintaining good governance, and developing innovative new products. A special preview was held of Mifos and Village Phone Direct, two new Grameen Foundation initiatives that were later launched at the Global Microcredit Summit. All are eager to keep the momentum going by increasing direct communications and peer learning with each other. Following the forum, a smaller group journeyed to Varanasi, India's holiest city, for a site visit with Cashpor, a Grameen Foundation partner and one of the few MFIs operating in Bihar and Uttar Pradesh, two of India's poorest provinces. Even for experienced practitioners, watching microfinance in action outside their home countries was memorable.

Newsbriefs Expanding microfinance programs in Africa: In 2007, Grameen Foundation will launch a new sub-Saharan Africa initiative that will substantially increase our existing engagement in the region. Over the next two years, we will increase our support of microfinance in Angola, Benin, Cameroon, Ethiopia, Ghana, Kenya, Tanzania, and Zambia. In addition, we will enhance our existing programs and partnerships in Rwanda and Nigeria. We aim to reach 350,000 new clients by the end of 2008 by forming alliances with microfinance institutions and other strategic partners that share our mission. To date, Grameen Foundation has received pledges of support for our Africa initiative totaling nearly half of our estimated requirement of $7 million. Village Phone Direct launched: Grameen Foundation's Technology Center successfully launched its latest telecommunications initiative, Village Phone Direct, a micro-franchise version of Village Phone, at the Global Microcredit Summit. Village Phone Direct allows microfinance institutions (MFIs) to directly implement the program using their existing local mobile phone network, define the local marketing strategy, and control all aspects of implementation. The program will enable even more of the world's poorest to have affordable access to telecommunications. Grameen Technology Center worked with Nokia to create the "Village Phone Equipment Kit," available for purchase by MFIs in many developing countries. Grameen Foundation Honors Front-line Microfinance Practitioners: On November 9, Grameen Foundation paid tribute to our 2006 Microfinance Award winners, Godwin Ehigiamusoe from Lift Above Poverty Organization (LAPO) of Nigeria and Carmen Velasco of Pro Mujer Bolivia, at our annual awards dinner held in New York City. The winners were applauded by more than 70 microfinance practitioners, donors and academics. The Ford Foundation's Asset Building & Community Development Program was also awarded the 'Innovation Award' for its ground-breaking approaches to overcoming challenges in the microfinance industry. Grameen Foundation Presents at SEEP Conference: The SEEP Network held its annual conference in Washington DC on October 23-27. Deb Burand presented on "Optimizing Capital Supply in Support of Microfinance Industry Growth" and "Customer Satisfactions: Learning How to Assess Network Relationships." Michael Eber presented on technology in microfinance, and moderated the panel "Bridging the Gap between Access to Energy and Microfinance," which featured Godwin Ehigiamusoe of LAPO Nigeria discussing a branch office that runs entirely on solar energy. Nigel Biggar conducted presentations on GF's Progress Out of Poverty Index (PPI), as well as on "Non-Financial Services for Very Poor People: Promising Approaches From the Field." Recent publications Through our publication series, Grameen Foundation provides a wealth of information on key issues affecting MFIs and the wider industry. We're pleased to announce the following new publications, as well as a book by Dipal Barua of the Grameen Bank: Alex Counts, GF program officer Erin Connor, and KASHF founder and president Roshaneh Zafar co-authored "Factors that Contribute to Exponential Growth," a chapter in the Microcredit Summit publication More Pathways out of Poverty. Grameen Foundation board chair Susan Davis collaborated with longtime Grameen Foundation supporter Vinod Khosla to produce "Taking Stock of the Microcredit Summit Campaign," a paper presented at the 2006 Global Microcredit Summit. Deb Burand, Executive VP of Programs, contributed to the book Transforming Microfinance Institutions, and two CGAP guides for MFIs, "Foreign Exchange Risk Mitigation Techniques" and "Commercial Loan Agreements." Dipal Barua, Deputy Managing Director of Grameen Bank, and Professor Asif Dowla launched their new book, The Poor Always Pay Back: The Grameen II Story, at the Global Microcredit Summit.