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Shefali Begum lives in Shaghata of Gaibandha district. Her husband used to work as a day labourer - driving a van when work was available. As they had no fixed source of income, her family had to hope each day that her husband would get work so they would have at least one full meal.
In 2002 Shefali joined BRAC's village organisation and that changed her life. After being part of the microcredit program she bought a cow and invested some of her money in a transport business, which her husband now looks after. Shefali takes care of the cow and earns money by selling its milk. She has learned about health and hygiene issues and the importance of family planning through the awareness programme provided by the village organisation.
Microfinance has proved to be an important tool of fighting poverty for many people like Shefali. Through microcredit, developing countries have created opportunities for the poor to make positive changes in their life. The UN has declared 2005 as the International Year of Microcredit to raise awareness about the important role microfinance can play in eradicating poverty and achieving the Millennium Development Goals (MDGs).
Australia is proud to be a part of the change in the lives of many poor women like Shefali. In partnership with Bangladesh Rural Advancement Committee (BRAC), Australia is supporting the North-West Expansion Microfinance Project (NWEMP) in 7 North West districts in Bangladesh. The goal of the project is to assist the Government of Bangladesh to reduce poverty. The project targets moderate poor households, owning less than one acre of land or living in slums.
The NWEMP project provides credit for self-employment and other microfinance services to 22,848 poor clients in 7 districts in Northwest Bangladesh. The estimated cost of the project is approximately AUD $4.6 million over 5 years, from June 2002 to June 2007. The Australian grant has started the operation of the project in 4 new area offices and have scaled up 8 area offices and will also support the formation and running of 768 village organisations.
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