Bangladeshi beacon
THE Grameen Bank - a rural credit scheme in Bangladesh - is making waves. The bank, the brainchild of economist Muhammad Yunus, advances loans to the poorest sections of the society and reached out to more than 1.6 million people in the last decade.
Inspired by its success, Grameen Bank clones have come up in Malaysia, the Philippines, many African countries as well as Norway and USA. Besides, the Asia Pacific Network for Credit and Savings for the Hardcore Poor has been set up to popularise the concept in Asia.