It was in the early 70's when Muhammad Yunus started the project of granting small loans to lower-class in impoverished Bangladesh. This exercise regimen introduced in late 70' & early 80's consolidated Grameen Bank in Bangladesh. Thereafter and in many developing economies Grameed Bank has given billions of dollars in microcredit.
The objective of the Grameen Bank is lending to people who do not have assets that serve as collateral or have previous credit history. Obviously these people do not have stable jobs.
Microcredit does not establish formal contracts so that only the borrower is expected to honor his word to restore his credit and interest which, in comparison with commercial banks, are insignificant.
One could argue whether microcredit is a panacea or not to all problems of the disadvantaged economies or if the credit actually encourages the creation of more SMEs and generating jobs. Certainly it is an instrument that helps a lot but that alone will not solve all the problems in poor countries.
Recently Yunus has emphasized, together with other experts in the field, the need for affordable sources of credit for people and with favorable conditions for subsequent payment. Just spoke about the need for emerging countries to ensure coverage of Internet and mobile telephony.
It is easy to understand that a facilitator in the creation and maintenance in SMEs is communications. The clearest example is not far from Bangladesh: in India there are over 900 million mobile phone users and just over 100 million Internet users. This has caused the average growth of the domestic economy of India in the last 15 years to be greater than 5%.
It is strange to see how some analysts decry the fact of cheap credit and access to telecommunications as a growth factor and job-generation in a developing economy.
No doubt the fact that there is a capitalism with a social objective which cannot harm the economic interests previously established and whether it offers a window of opportunity to many people trying to improve its economic environment.
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