Today in class my professor introduced the term MICROCREDIT and The Garmeen Bank. Microcredit basically is the concept by which local banks in india would loan out small amounts of money like a $100 to people and this is an attempt to get them out of
poverty and since the money is a much smaller amount than what most regular or bigger banks would lend out – it is more likely that the person, who borrowed, will be able to repay – thus ending a vicious cycle of debt.
Created by Muhammad Yunus, who also won a nobel peace prize for this “invention”, Professor Yunus is commended for his actions in jump starting a program that creates “social and economic development from below” – once the
poor become prosperous then no longer will there be such gap between those who are successful in a country and those who live on a dollar a day.
Lasting peace can not be achieved unless large population groups find ways in which to break out of poverty. Micro-credit is one such means. Development from below also serves to advance democracy and human rights. Muhammad Yunus has shown himself to be a leader who has managed to translate visions into practical action for the benefit of millions of people, not only in Bangladesh, but also in many other countries.
This whole program just makes so much sense and it is extremely practical – of course there are always going to be some flaws but for the most part this programs intent is something the world should def. catch on too.
ANOTHER AMAZING ASPECT IS THAT THIS PROGRAM TARGETS WOMEN – GETTING WOMEN TO JOIN THE WORKFORCE – STEPS CLOSER TO WOMEN EQUALITY!
Astu Mengesha – Stay down blaze up.