MICROCAPITAL BRIEF: Finance Minister of Bangladesh, Ama Muhith, Calls Impact of Microfinance Small

During the recent Citi Micro Entrepreneurship Awards in Bangladesh, the Finance Minister of Bangladesh, Ama Muhith, commented that although microfinance has reached 30 million people in Bangladesh, 40 percent of people in the country remain below the poverty line. Mr Muhith claims that the growing number of microfinance institutions (MFIs) will not be related to poverty reduction unless the problems of unemployment, poor education and slow technological development are addressed. Mr Muhith commented, “The root of this problem is the rate of our literacy, education and low standard of … knowledge” [1].

The ceremony recognized winners in four categories: Shefali Roy, a citizen of Satkhira, as Best Microentrepreneur; Rehana Begum, a woman from Joypurhat, as Best Woman Microentrepreneur; Mosammat Nurunnahar Begum, a citizen of Pabna, as Best Microentrepreneur in Agriculture; and Samaj Kallyan Sangstha (SKS), an MFI based in Gaibandha, as Best Microfinance Institution.

By Julia Korn, Research Associate

Sources and Additional Resources:

[1] The Financial Express. “Microcredit fails to dent poverty, despite massive reach: Muhith” on August 5, 2010. http://www.thefinancialexpress-bd.com/more.php?news_id=108060&date=2010-08-05

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