Word: bangladesh
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...strategy. But the program that helped Rickenbacker secure her loan is part of a worldwide effort to use "microlending" to provide credit to people without collateral. Its roots lie not in a U.S. university, boardroom or foundation but thousands of miles away in, of all places, the villages of Bangladesh. Development officers in the Third World have found that self-employment, backed by training and access to credit, can be a path out of poverty...
Muhammad Yunus, founder of Bangladesh's Grameen Bank, popularized this simple idea: give small "peer groups" the credit they need to start their own businesses. They then act as a combination credit committee and collection agency: if one member defaults, the others must pay back the money. The average Grameen loan is $67, and the repayment rate is 98%. Among those groups following his lead was Chicago's Neighborhood Institute, which gave Rickenbacker her loan, formed her peer group and sponsored a 13-week entrepreneurial-trainin g class...
...credit crunch and oil shock will cause new suffering in Third World countries, which already bear an overload of political and economic woes. In one of the most seriously affected nations, Bangladesh, officials estimate that the gulf crisis will cost the impoverished country $220 million a year in higher oil prices and $100 million in lost remittances from Bangladeshi workers who have fled Kuwait and Iraq. The Philippines, which imports almost all its oil, will have to borrow heavily to keep its factories running and prevent unemployment from soaring above the present rate of 12.6%. Deepening Third World troubles will...
...make children's voices heard. To lend support, more than a million people held 2,600 candlelight vigils earlier in the week -- in South Korea's Buddhist monasteries, in London's St. Paul's Cathedral, in Ethiopia's refugee camps, around Paris' Eiffel Tower, in 700 villages in Bangladesh...
...Americans cherish the notion that they cherish their children, but there's woeful evidence to the contrary. Each year thousands of American babies are born premature and underweight, in a country torn by neither war nor famine. The U.S. is one of only four countries -- with Iran, Iraq and Bangladesh -- that still execute juvenile offenders. And nearly 1 in 4 American children under age six lives in poverty. Congressmen wrestling with budget cuts, policymakers musing about peace dividends, voters weighing their options -- all would do well to wonder what sort of legacy they will be leaving to a generation...