Dhaka, April 17 -- The interim government has agreed to a proposed amendment to the law that governs Grameen Bank, the Nobel Peace Prize-winning microfinance institution, to reduce government control and delegate more power to its borrowers.

On Thursday, at a meeting chaired by Chief Advisor Muhammad Yunus, the Advisory Council gave both initial and final approval to the draft of the Grameen Bank (Amendment) Ordinance, 2025.

Once signed by the president into an ordinance, it will bring major changes to the structure and control of the bank.

The government's share in the bank will be reduced from 25 percent to 10 percent, while the borrowers, or beneficiaries, will hold the remaining 90 percent.

With the new ordinance, the control of G...