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Chinese official visits micro credit project in Bangladesh

08-23-2010 10:09 BJT

DHAKA, Aug. 21 (Xinhua) -- Fan Xiaojian, director of the Office for Poverty Alleviation and Development under the State Council of China, Saturday visited micro credit project of Grameen Bank in Bangladesh's Manikganj district, 63 km northwest of capital Dhaka.

Fan, accompanied by Muhammad Yunus, founder of Grameen Bank and Nobel Peace Prize laureate, had a discussion with borrowers of the bank in Kiting Char village of Manikganj district and knew how their lives changed after taking the loan.

According to Yunus, the loan has different categories, like income generating loan, housing loan and higher education loan, with the yearly interest rate as 20 percent, 8 percent and 5 percent.

The borrowers from Kiting Char village have started income generating business like cow milking, paddy husking, opening shops with the loan and their lives have improved a lot.

Rezia Khatun, a borrower, told Xinhua she started to take load from Grameen Bank 27 years ago. "My life changed a lot since taking loan from Grameen Bank. I have money to build house and send my children to school."

Monir Hossain is a beneficiary of Grameen Bank higher education loan. Monir took a loan of 96,000 taka (about 1371 U.S. dollars) from Grameen Bank to study in National University, a government university in Dhaka.

"My father is a poor farmer. He can't afford my education in university. So I can't study in university without taking the loan, " he said.

Grameen Bank gives the higher education loan to borrowers' children who are qualified to study in universities. They will return the loan after finishing their study.

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