5.03.2006 ET

(CSRwire) Washington, D.C.-- Vikram Akula, founder and CEO of SKS Microfinance, a Grameen Foundation microfinance partner in India, is one of Time Magazine's top 100 "People Who Shape Our World" for 2006. The annual list which heralds men and women around the world who have made indelible marks on our society also includes former presidents Bill Clinton and George H.W. Bush, Bono, Oprah Winfrey, and eBay founding president and philanthropist Jeff Skoll.

Founded by Vikram in 1998, SKS has quickly become one of the world's fastest growing microfinance institutions. It has provided over $52 million in very small loans averaging approximately $100 for some of India's poorest women to start and sustain life supporting businesses.

"This award is a testament to the extraordinary work Vikram and SKS have done in helping poor women in India overcome the vicious cycle of poverty and create new lives for themselves and their families," said Alex Counts, president of Grameen Foundation which has partnered with SKS since 2002. "Following in the footsteps of the Grameen Bank of Bangladesh, their pioneering work and resourcefulness are a model for others to follow."

Since 2002, Grameen Foundation has provided $775,000 in loan and loan guarantees that helped to fuel SKS's growth. It also supplied early stage venture capital to support the development of SKS' pioneering Smart Card technology. Last year, GFUSA also awarded SKS its 2005 Excellence Award for its overall achievements in reaching out to the poor, sound financial management, and innovative use of technology. Previous awardees include Al Amana of Morocco and CARD of the Philippines.

"I accept this award on behalf of the millions of poor women across India who strive daily to break free from grinding poverty, and am gratified that microfinance and the poor around the world it empowers are being recognized by Time Magazine," said Vikram.

About Grameen Foundation

Grameen Foundation is a global non-profit organization that combines microfinance, technology, and innovation to empower the world's poorest people to escape poverty. Founded in 1997, it has established a global network of 52 partners in 22 countries that has impacted an estimated 7 million lives in Asia, Africa, the Americas, and the Middle East.

About SKS Microfinance

Launched in 1998, SKS Microfinance is one of the fastest growing microfinance organizations in the world, having provided over $52 million (Rs 240 crores) in loans to 221,000 women clients in poor regions of India. Its affiliate, SKS Education, provides education services to poor children, including running a government-funded school for girls who have dropped out of school.

For more information please contact: