Microcredit : Pioneer of Development

                 

Introduction : Money begets money. Adam Smith in his famous book Wealth of Nations said, 'When you have got a little, it is often easy to get more. The great difficult thing is to get that little.¹ Microcredit is a small size of loan that is given to the poor for self employment. Microcredit through institutional arrangement is a recent innovation for poverty reduction among the poor. Today, Bangladesh is called the Sand of Microcredit revolution. The Microcredit revolution started among rural women in 1970s. The revolution had its root in the recognition that poor people needed credit and more importantly they could use credit more efficiently and responsibly.

Definition of Microcredit : Conceptually, microcredit can be described as collateral free small loan offered to the poor to create small employment in income generating activities based on group Sending methodology.

Microcredit can broadly be defined as a programme that provide credit for

self-employment and other financial and business services including savings and technical assistance to the poor people.

Definition of Microfinance : Microfinance is a combination of savings, loans, investment opportunities, insurance options and other financial services. Poverty, women's empowerment, nutrition, health, family planning, education, reusing, self-reliance, susiainability all are addressed by microfinance.

English as a Second Language

Introduction : English is an international language. Today, it has become a media for linking oneself with international communication channels and moving through information highways. Even the teaching and learning of English has already taken a stable place in the education system of Bangladesh. In the changing global circumstances, it is assumed that in future English will claim even more attention in our national level of education. However, the issue of English Language Teaching (ELT) is high on the incumbent government's agenda.

Present state and status of English in Bangladesh : In the constitution of Bangladesh, Bangla is declared as state language and there is no mention regarding the status that is to be given to English. During Pakistan period, English enjoyed the status of official language in this territory. It was used in the administration, higher education and as a link language between educated speakers of Bengali and Urdu.

Now in Bangladesh, English is taught as a foreign language in the curriculum. Since 1992, it is introduced as a compulsory subject and remains so until 14th grade in the national curriculum. Outside the government funded institutions, there are innumerable language centers, English medium schools and a good number of private universities who teach English according to their own curriculum and syllabuses.

The Grameen Bank of Bangladesh

                                               

Introduction : The Grameen Bank (GB) is a rural bank in Bangladesh. It provides credit to the rural poor, particularly women who own less than half an acre of land or whose assets do not exceed the value of one acre of land. Unlike traditional commercial bank loans, Grameen Bank loans need not be secured by collateral. In all thinkable ways, it provides services which enhance well-being, health and productivity of rural poor. It serves the landless in Bangladesh who are left out of the conventional banking system. Even Grameen Bank model of micro-credit has been hailed by international community and many developing countries have borrowed the model to deal with their rural economy.

Origin of Grameen Bank : Grameen Bank was founded by Dr Muhammad Yunus. In 1976, he began his action research project in village Jobra, close to the campus of the Chittagong University. He carried out an experiment by lending $28 out of his own pocket to a few village women. In 1983, Grameen Bank was established by government order as a specialized financial institution. Since then it has expanded rapidly.

Objectives : The objectives of Grameen Bank are as under:

1. To extend banking facilities to the poor men and women;

2. To eliminate the exploitation of the money-lenders;

3. To create opportunities for self-employment for the vast unutilized and under utilized manpower resources;

4. To bring the disadvantaged people within the folds of some organizational format which they can understand and operate and can find socio-political and economic strength in it through mutual support;

5. To reverse the age-old circle of "low income, low savings, low investment, low income" into an expanding system of low income investment, more income, more credit, more investment more income-"