A Grameen Bank Concept: Micro-credit and Poverty Alleviation Program in Bangladesh

Abstract

Micro-credit became a new phenomenon in the present world due to its recognition of an efficient weapon to fight against poverty. A current investigation proved that, more than 1.3 billion inhabitants are struggling to earn a smaller amount one dollar ($1) a day where they are captivated by extreme shortage of basic needs such as; food, cloth, shelter, treatment and education. Recently a tremendous success has been displayed to eradicate poverty using micro-credit loan and every year 1% of total population is coming out from poverty. However, reducing poverty is more successful in rurul areas than in urban areas because of its random access in remote places. In every year half a billion US dollar are given to 7.5 million borrower throughout the country as a micro-loan to break the vicious cycle of poverty. So, this paper approachs to explore Grameen Bank's activities and the way it assists eneormously to develop the living standard of the poor and vulneralve people in Bangladesh and encourages to apply this model in different countries.