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News item 26-01-2009 |
Micro credit has
become a wheel of change for
Nepal as it has not only
empowered women financially
but also brought about
social change. Releasing a
microcredit report ‘State of
the Microcredit Summit
Campaign Report 2009,’ here
today, Shankar Man Shrestha,
chief executive officer
(CEO) of
Rural
Microfinance Development
Centre (RMDC)
—- a development bank
operating as an apex
microfinance organisation —-
said that Micro Finance
Institutions (MFIs) in Nepal
have served around 1.1
million people. It had a
target of serving 1.2
million poor. “However, the
RMDC-affiliated 72
institutions have so far
served 7,00,000 families and
within this year 2,00,000
more families will get our
services to improve their
living standards,” he said.
During the conflict era also
repayment was at 99 per cent
as the poor people are more
honest, Shrestha said adding
that microcredit has created
immediate employment in the
rural areas. Micro-loans are
given to help extremely poor
people start or expand a
range of tiny businesses. It
became a buzz word after
professor Mohammed Yunus
from Bangladesh won the
Nobel peace Prize in 2006
for his micro credit
campaign in his country. It
could be a bridge to bridge
the rich-poor gap as it only
lends to the landless and
poorest of the poor.
Microcredit has also
increased accessibility of
the poor to banks.
Read
more about this micro
finance summit report
Other finance
articles:
micro finance cuts
poverty (16-2-2008)
Nepal hosts micro
finance summit
(11-1-2008)
Microfinance eased the
impact of Maoist
conflict (4-1-2007)
Microfinance success
story from Bangladesh
inspires Nepali women
(2-1-2007)
micro-credits can solve
poverty
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Easy
money and Nepali finance
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