Pro Bono Microfinance Client Wins 2006 Nobel Peace Prize

We are pleased to report that the 2006 Nobel Peace Prize was awarded to Grameen Bank founder and Grameen Foundation board member Mr. Muhammad Yunus, and the Grameen Bank of Bangladesh.

Cleary Gottlieb represents the Grameen Foundation USA (GFUSA) in connection with its Growth Guarantees program, which is an innovative financing program for microfinance institutions whereby guarantees, in the form of a major international bank’s Standby Letter of Credit (SBLC), are leveraged at the local level through a variety of local financings including direct loans, securitizations and private placements.

Cleary Gottlieb recently represented GFUSA in the extension of a U.S.$1.0 million SBLC to the Bank of the Philippine Islands in connection with a credit line of 100 million Philippine pesos for the Center for Agriculture and Rural Development and a $2.0 million SBLC to BNP Paribas Egypt in connection with a loan of 14.25 million Egyptian pounds to the Dakahlya Businessman’s Association for Community Development.