7.18.2007 - 10:30am ET

Microfinance has helped Ibu Azerah and other women in Banda Aceh, Indonesia, to recover from the devastating 2004 tsunami.

(CSRwire) WASHINGTON, D.C.- July 18, 2007-- Grameen Foundation is one of the 25 finalists in the American Express Members Project contest, an innovative online initiative for cardholders to vote on ideas that positively impact the world. The only microfinance network to make it through the quarter-final round of voting, Grameen Foundation's project, "262: Microcredit to businesses in developing countries, builds on the organization's ongoing efforts to empower the world's poorest people, mostly women, to lift themselves out of poverty through microfinance. If selected as the winning project on August 7, Grameen Foundation will receive up to $5 million from American Express.

The new round of voting to select the final five projects started July 17 and runs until July 22; the final round of voting will be held July 24 to August 5. Cardholders must cast a new vote in each round. American Express will donate $1 for every cardholder who registers, up to $5 million.

"Our supporters have responded beyond my wildest dreams to this wonderful opportunity to support Grameen Foundation’s efforts to give some of the poorest families access to financial services and a path out of poverty," said Alex Counts, president of Grameen Foundation. "With just two rounds of voting left, we hope that they will continue to show that incredible support that could translate into a significant amount of new resources supporting microfinance for the poorest." Cardholders can vote for Grameen Foundation at http://www.membersproject.com/Business_Finance/262

Inspired by the work of the world-renowned Grameen Bank in Bangladesh, Grameen Foundation was founded in 1997 in Washington, D.C. to spread the power of microfinance globally. It supports the work of local microfinance organizations (MFIs) that are committed to empowering the poorest people in their societies with financial services and other empowerment strategies. Grameen Foundation’s support comes in the form of financing, credit enhancements, technical assistance, and technology solutions. Through those efforts, its network of microfinance institutions has grown rapidly to the point where it is now impacting an estimated 18 million people in 25 countries across Africa, the Americas, Asia, and the Middle East.

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. It has established a global network of partners in 25 countries that has impacted an estimated 18 million lives in Asia, Africa, the Americas, and the Middle East. Grameen Foundation was founded by Alex Counts, who began his work in microfinance with Grameen Bank founder, and recent Nobel Peace Prize recipient, Dr. Muhammad Yunus. Dr. Yunus is a founding and current member of Grameen Foundation’s board of directors. For more information on Grameen Foundation, please visit www.grameenfoundation.org.

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