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FSP project helps poor get out of poverty

Metro Desk
The poorest of the poor used to earn too little even to qualify for many of the ongoing microcredit programmes.
'Financial Services for the Poorest (FSP)' project successfully helped these people move up from the bottom of the economic pyramid in the society. About 83.4 percent of project beneficiaries earning less than a dollar a day before the project intervention are now earning more than a dollar a day, says a press release.
The FSP project, which was implemented by the Palli Karma Sahayak Foundation (PKSF) on behalf of the Bangladesh government with assistance from the World Bank, ended recently.
The FSP project reached out to the hard core poor people who lived on less than a dollar-a-day and proved that they can wisely invest small amounts of funds to earn a return that allows them not only to pay back the loan but also reinvest the surplus for economic emancipation.
The FSP project was vital in helping the hardcore poor to get out of vicious cycle of poverty. More than 50 percent of the beneficiaries have now successfully graduated to the main-stream microcredit programmes.
Many beneficiaries of the FSP programme were used to be beggars, sex workers, widows, or domestic helps who generally couldn't access the conven-tional microcredit programmes.
After becoming part of the FSP some have even saved enough money to take land leases. The abject poverty did not preclude these extremely poor families from knowing the best businessoptions for them.
As they moved up during the project periodyear 2002 through 2007the cheerful, sparkling faces of these beneficiaries reinforced the fact about how a better living is possible with an engaged assistance in the form of tiny loans to Bangladesh's poorest people.
Following an innovative credit plus/ approach, raising awareness and social development were very much part of the project. FSPalso offered flexibility in savings and repayment schedule.
There was flexibility in the grace period and the programme offered seasoned loan options. The credit was used for innovative income generating activities (IGA) covering small business, goat and cow rearing, poultry, agriculture, handicraft, food processing, tailoring/embroideryetc.
FSP project was piloted in 19 upazilas of 17 districts through
its 19 partner organisations (POs). A World Bank project review team recently evaluated project impact by visiting the sites.
The report indicates that the project was able to mobilise 64,000 members, generated Tk 54 million (US$0.9 million) in savings and lent out Tk 644 million (US$9.3 million) to 58,505 beneficiaries.
Experiencing the success of the pilot programme, the government replicated the project all over Bangladesh. As of May 2008, over 828,000 beneficiaries were mobilised under the replicated Ultra Poor Programme (UPP).
Fhe World Bank team highly appreciated the government and implementing organisations for this innovative and succe.^s^ul shPW-c^^en programme ’which’ clearly shattered the myth that (he poorest of the poor are not "bankable”- a simple but powerful demonstration with huge lessons across the world.
PKSF is now implementing another World Bank-supported microfinance project 'Additional Financing for Second Poverty Alleviation Microfinance Project (Microfinance II)' targeted for rickshaw pullers and poor owners, affected by ban on nonmotorised vehicles in major roads of Dhaka city.