The Daily Tell

A $3 million grant handed out over three years from the JP Morgan Chase Foundation will be used to support microfinance initiatives and technology-for-development projects as part of Bankers Without Borders (BwB) and the Grameen Foundation, a global nonprofit organization aiming to improve access to technology that aids financial development in the world’s poorest nations.

Since its inception in 1997, 3,000 banking and finance professionals from around the world have helped develop financial and economic infrastructure programs aimed at eliminating global poverty. Volunteers have contributed $2.3 million in service to projects to the foundation and successful implementation of various finance initiatives in nine developing nations, including Haiti.

There are over 50 projects currently working to develop sound financial systems as part of BwB. The Grameen Foundation is actively recruiting new volunteers to further their efforts by promoting BwB to skilled financial professionals at various corporations.

"We are very proud to be Grameen Foundation’s inaugural sponsor for Bankers without Borders," said Jes Staley, CEO of J.P. Morgan’s Investment Bank. "The way to break the cycle of poverty is to enable people to build a livelihood for themselves."

Grameen developed the Progress out of Poverty tool to measure the success of its various microfinance ventures. The tool measures conditions such as living conditions and sanitation to gauge the success of its programs. The Progress out of Poverty tool is currently being used to judge progress in 24 regions throughout five continents.

The Gates Foundation also donated to the Grameen Foundation recently. On Jan. 13, The Seattle Times reported that the Gates Foundation awarded a $9.8 million grant to the Grameen Foundation to "begin a Microsavings Initiative with partners in Ethiopia, India and the Philippines to test and fine tune savings for those at the bottom of the economic ladder."