March 27, 2007

Professor Asif Dowla's Book in Second publishing

The Poor Always Pay Back: The Grameen II Story, co-authored by Asif Dowla, professor of economics at St. Mary's College and Dipal Barua is receiving high praises. The book, published by Kumarian Press, is now in its second printing after selling out in three months. The Poor Always Pay Back explains how small loans to the very poor were the foundation of the Grameen Bank of Bangladesh. The bank and its founder Muhammad Yunus were awarded the Nobel Peace Prize in 2006.

Later this year, the book will be translated into Chinese, and a less expensive English edition for the South Asian region will be released next month. The publisher is currently negotiating for Spanish, French and Korean translation rights. Dowla has been in demand by media covering micro-economics and has been interviewed by the Associated Press, NPR, Baltimore Sun, Wall Street Journal and regional radio stations. Recently he spoke at the World Bank in Washington, D.C.

"The Grameen bank and other banks that have replicated its model have financially empowered the poorest families in more than a hundred countries across the globe for over three decades through savings and loans," says Dowla.

Alex Counts, president of Grameen Foundation, says, "This book is a terrific summary of Grameen Bank's methodology. This is by far the best resource for getting up to speed on the Grameen Bank." More information about the Grameen Foundation is at http://www.grameenfoundation.org/who_we_are/.

St. Mary's College of Maryland is ranked one of the best liberal arts colleges in the nation by U.S. News & World Report, The Princeton Review and Kiplinger's. With roots going back to 1840, SMCM is the state's only public honors college, offering the academic excellence of a top private college with the openness and affordability of public education.