FE Report

Economist Abul Barkat Saturday came down heavily on the country's non-governmental organisations (NGOs) because of their 'unjust' micro-credit system, saying the much-lauded innovative system has failed to eliminate poverty.

"The micro-credit has not eliminated poverty in the country no matter whatever has been achieved in the name of it," he said while addressing a conference in the capital.

He was speaking at the Branch Managers Conference of Janata Bank Limited (JBL).

Speaking chief guest, the JBL chairman said the NGOs start to collect installment a week after the clients take loans, which is unjust.

"How can they repay loans if they do not get enough time to invest their money and make profit?"

Barkat said the NGOs talk about asset building. "But the clients have to be given time so that they really can build their asset."