Analysis of the experience of the Grameen (rural) Bank of Bangladesh. It "represents a radical institutional innovation because it provides collateral-free loans and various social services to poor Bangladeshis yet maintains a loan recovery rate of 98 percent." Founded as an action research project in 1976, The Grameen Bank has diffused to 50 of the nation's 64 districts and has more than one million members, 92 percent of whom are women.
Agunga, In this article, the author proposes that one way to minimize the rate of project failures is to establish rules which project managers would be required to follow. It is the view of this author that some of these rules may already exist in the form of project formulation guidelines. These guidelines are, in large part, based upon research in development. They include local participation, integrated development, basic needs, women in development, and appropriate technology. These guidelines, carefully followed, have the potential to lead to project success. The problem is that it is the rare project wherein these guidelines have been observed. Thus, the author contends that the codification of these guidelines and other related concepts into standard development rules followed by the establishment of a mechanism to ensure that these rules are adhered to, are the tools needed to dig out of the development crisis.
