Critics of microcredit chastised

Experts hail role of microcredit in poverty reduction
Experts and politicians yesterday came down heavily on the critics of microcredit for being too ruthless about the economic concept, which is credited to contributing to pulling out millions out of poverty.
They said there are both positives and negatives of the theory championed by Bangladesh’s lone Nobel Peace Prize Winner Professor Muhammad Yunus, and the authorities should act to fix the

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EU supports social business

European Commission president meets Yunus
Strengthening social business and promoting innovative methods of accessible finance are not only a matter of justice but also a concrete way to help the poorest of the poor, European Commission President José Manuel Barroso has said.
He said social business is also “a smart investment in our shared future. The European

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Microcredit’s mega feat

One crore Bangladeshis move above $1.25 a day between 1990-2008, finds a survey of an int’l advocacy group
The country’s 18 lakh microcredit borrowers — nearly a crore with their family members — moved above the $1.25 a day earning threshold between 1990 and 2008, according to an international advocacy group.
In 2008, the World Bank came out with a revised figure of income at $1.25 per day as the standard poverty line. Previously it was $1 as per

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