COVID-19 Pandemic: Microfinance and Social Sustainability of Grameen Bank Borrowers in South-West Bangladesh

ABSTRACT

As important as social sustainability is to the sustainable development agenda, there is a lack of research to clearly define and operationalize the concept. The purpose of this research is to add to the existing body of knowledge by developing a comprehensive scale for evaluating social sustainability and microfinance at the vulnerable level. A multidimensional concept of social sustainability, we argue, incorporates equity, diversity, social cohesion, and quality of life as well as democracy and governance. An incomplete picture of social sustainability may result if these dimensions are ignored. Factor analysis is used to examine the scale's validity, reliability, and dimensionality. Using microfinance as a case study, we demonstrate how the social sustainability scale can be put to use in practice. Women microfinance users in rural and coastal areas in Satkhira District of Bangladesh's southwest were surveyed for this paper using data from a questionnaire survey that included 223 respondents from rural and coastal areas (Shyamnagar and Kaligonjupazillas). Improved microfinance has a positive and significant impact on various aspects of social sustainability and overall social sustainability, according to this new research.