Microcredit - a life saving idea
Photo: Star
It is such a shame that the Bangladesh Bank is discrediting a man who has worked for decades to prove that the poorest people are credit worthy. The concept of providing tiny loans for very poor people was taken up by other countries around the world. It is seen as literally a life saving idea - people lift themselves out of malnourishment and inadequate housing and use the loans to create income generating small businesses. They can then send their children to school, save money, become healthier and the women especially can become role models for their daughters. As a result of Yunus' ideas, the Australian government has over the past 15 years, provided increased support for microfinance programmes in many countries as part of the overseas aid budget.
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