|Ishan Bhaumik and Carlos Espinoza-Toro in front of the UFM’s School of Business|
Ishan Bhaumik and Carlos Espinoza-Toro, from the Sustainable Business Lab developed by the Sloan School of Management at the Massachusetts Institute of Technology (MIT) visited Universidad Francisco Marroquín last Friday May 18th of 2007.
The objective of their visit was the presentation of the work on microcredit that their team mates Faaiza Rashid and Juan Martin, carried out in last March. The presentation was done to UFM professors, members of the Students In Free Enterprise team, of this house of studies; and to Alomgir Hossain, director of projects at the Guatemalan Grameen Credit civil association.
The intention of that project was to evaluate the diverse models of microcredit that are used in Guatemala, in order to propose improvements. Those improvements will serve to diminish the current equilibrium points and to facilitate the the access to credit to the poorest people. The emphasis is to offer entrepreneurial and sustainable solutions to people who, under certain circumstances, do not have access to credit on the traditional financial system.
In this project five MIT students, guided by their professors, gave consultancy to diverse companies and institutions around the world. Since the UFM was chosen within the projects that they will develop this year, the counterpart of the project were the UFM’s School of Businesses and the SIFE team of this house of studies.
The MIT professors that advised the project were Rebecca Henderson, Simon Johnson, Nelson Repenning, Anjali Sastry, Jeff Shames, Sarah Slaughter, John Sterman, and Jay W. Forrester.
In the UFM project the MIT students, advised by those professors, worked during three months analyzing the microfinance market in Guatemala and the operation model of the Grameen Bank in Guatemala, organization that, since 2006 has given more than 3.000 credits in the region of Atitlan, thanks to the support of the Whole Planet Foundation.
During their visit, MIT students met with UFM’s President Giancarlo Ibárgüen S., accompanied by the Vice Dean of the UFM School of Businesses, Helmuth Chávez. They also visited the Academic Building, the New Media Digital Resources Center, the Ludwig von Mises Library and the Museum Popol Vuh.