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Lower interest, better governance stressed

Speakers suggest at plenary sessions of microcredit summit

STAR BUSINESS REPORT
Speakers at the regional microcredit summit yesterday underscored the needs for cutting interest rate on small loans and reducing operational costs, improving governance and bringing transparency in micro-finance institutions (MFIs) for creating better access to finance for the poor.
They felt it a must to ensure that
the MFIs were not inefficient and undue pressure was not put on small borrowers.
The observations were made at two plenary sessions on 'Creating Autonomous National and SubRegional Microcredit Funds' and 'Building Better Lives: Sustainable Integration of Micro-finance and Education in Child Survival, Reproductive Health and HIV/AIDS Prevention for the Poorest
Entrepreneurs' of the four-day summit that began in Dhaka Monday.
Speaking at the first session, Saarc Secretary General QAMA Rahim said a feasibility study was being commissioned by South Asian Development Fund for putting together regional povertyalleviation priority projects under the Saarc umbrella. Microcredit is
and macro-level policies and institutions, saying, "behind the number there are poor people who do not have access to credit."
Salehuddin Ahmed said private and autonomous organisations that worked at the grassroots and knew the ultra-poor should be involved in channelling funds.
Shrestha said the problems and challenges in micro-finance operations could be addressed by an effort-based approach, proper planning and implementation and an effective monitoring and evaluation system.
Speaking at the other session, Brac Executive Director Abdul Muyeed Chowdhury said it was not possible to alleviate poverty only with micro-credit, but it was equally impossible without it.
Jaime Aristotle B Alip, managing director of CARD Bank of Philippines, chaired the second session.
seen as one of the critical elements of the projects, he added.
While the usefulness of microcredit in generating income and employment and, ultimately, empowerment of the poor can hardly be overemphasised, we should not forget the importance of access to markets, technology and knowledge for the poor to sustain the micro-credit-run programmes, the secretary general felt.
Kamal Hyat, chief executive officer (CEO) of Pakistan Poverty Alleviation Fund, chaired this session on creating autonomous microcredit funds. Salehuddin Ahmed, managing director of Palli Karma-Sahayak Foundation, Shankar Man Shrestha, CEO of Rural Microfinance Development Centre Ltd of Nepal, VK Chopra, CEO of Small Industries Development Bank of India, Senarath Gunasena, managing director of National Development Trust Fund of Sri Lanka, and AFM Matiur Rahman, director general of Bangladesh Rural Development Board, were the other plenary discussants.
In his speech, Hyat emphasised creating linkage between micro-