Monday, May 19, 2008

Intel Ties With Microcredit Firm In JV

Intel said today that it has created a new joint business venture with Grameen Trust, a provider of microcredit to the developing world. According to Intel, it will create a new business venture dedicated to social and economic development, focused on impoverished countries. The firm said that the venture--which will be funded by Intel's venture capital arm, Intel Capital, and Grameen Trust, will focus on bringing self-sustaining solutions based on information and communications technology to help empower the world's impoverished citizens. Amount of the investment in the new venture was not disclosed. Grameen Trust is headed by Nobel Peace Prize winner Dr. Muhammad Yunus, founder of microfinance firm Grameen Bank.