Bangladesh’s Christian credit agency marks 58 years

08 July, 2013 - The first Christian microcredit agency of Bangladesh marked its 58th anniversary last week in the capital Dhaka. More than 200 people attended a commemorative Mass on July 3 in the Church of the Holy Rosary, to mark the anniversary of the Christian Co-operative Credit Union Ltd. (CCCU). Starting small businesses, paying for college, buying a house or paying for costly medical treatments, are some of the projects that the CCCU finances. The company grants loans to about 50,000 people, while 162,000 use it as a bank for savings. CCCU vice-president, Ignatius Hemanta Corraya expressed satisfaction that many people have improved their lives with their help. The CCCU was founded 58 years ago by American Holy Cross priest, Fr. Charles J. Young, at a time when Dhaka’s Christian community was going through a deep financial crisis, and Christians took loans from local lenders at exorbitant interest rates. So Fr. Charles and other volunteers at the Holy Cross decided to create their own society, naming it the Christian Co-operative Credit Union Ltd. (Source: AsiaNews)