The recent meeting between Muhammad Yunus, Bangladesh’s interim leader and Nobel Prize winner, and Alex Soros, son of philanthropist George Soros, has sparked renewed interest in the long-standing relationship between the two families.
This connection goes back to 1999, when Yunus, founder of the renowned Grameen Bank, secured an $11 million loan from the Soros Economic Development Fund, managed by the Open Society Foundations. This loan proved crucial for Grameen Telecom, a non-profit associated with Yunus’ Grameen Bank. It enabled the organization to acquire a 35% stake in Grameenphone Ltd., which has since become Bangladesh’s leading telecommunications company.
The loan facilitated significant advancements for Grameenphone, ultimately propelling it to become a leading player in the Bangladeshi telecommunications landscape. The loan was fully repaid, and Grameen Telecom continues to exert considerable influence over Grameenphone. Profits generated from this venture have been channeled towards social and welfare initiatives across Bangladesh.
Yunus’ collaboration with the Soros family represents one of many global financial partnerships that have facilitated the advancement of his vision for microfinance and social business. While these alliances have contributed significantly to his work, they have also faced criticism from his political adversaries.
The meeting between Yunus and Alex Soros, which took place on October 2nd, gained significant attention due to the current political climate in Bangladesh. Alex Soros has recently garnered attention for his meeting with Democratic vice presidential nominee Tim Walz.
Following in his father’s footsteps, Alex Soros has dedicated himself to charity work, focusing on democracy, human rights, and climate issues. He assumed leadership of the $25 billion Open Society Foundations in 2023.
