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About
International Year of Microcredit 2005 |
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On 18 November 2004 the United Nations launched the International Year of Microcredit, as part of an effort to build support for making financial services more accessible to poor and low-income people. The Year aims to raise public awareness about microcredit and microfinance, and promote innovative partnerships among governments, donors, international organizations, non-governmental organizations, the private sector, academia and microfinance clients.
Known alternately as microcredit or the broader term microfinance, this highly successful partnership of public and private interests began to gain momentum in the mid-1970s as a serious tool for development. By the end of 2001, microcredit was provided to 26.8 million poor people-though this represents only about six percent of the estimated number of poor who could effectively use credit and related financial services including savings, insurance and asset-building systems. Through a concerted, collaborative and spirited effort by all stakeholders, microcredit can assume an even larger role in the global strategy for meeting the international pledge of the Millennium Development Goals (MDGs) and the commitment to cut poverty in half by 2015.
The UN General Assembly designated 2005 as the International Year of Microcredit and has invited Governments, the United Nations system, concerned non-governmental organizations and others from civil society, the private sector and the media to join in raising the profile and building the capacity of the microcredit and microfinance sectors.
Following is a brief timeline of events leading up to the launch of the International Year of Microcredit 2005:
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| December 1998: |
The UN General Assembly designated the year 2005 as the International Year of Microcredit (resolution 53/197 ) stating that the Year will be an important opportunity to give impetus to microfinance programmes throughout the world.
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| December 2002: |
The Secretary General (DESA/DSPD/MICROCREDIT/2002) requested Government's views and suggestions on the goals and activities that could be taken at the regional, national and local levels in preparation for and observance of the Year. |
| April 2003: |
United Nations Capital Development Fund (UNCDF), as the policy advisory and technical assistance center for microfinance of the United Nations Development Programme Group (UNDP), was requested by the United Nations Department of Economic and Social Affairs (UNDESA) to develop, with inputs from Member States, UN agencies and other stakeholders, a draft programme of action for the Year as mandated in the resolution 53/197. |
| June 2003: |
A draft programme for the Year as part of the Secretary-General's report on the Implementation of the first United Nations Decade for the Eradication of Poverty (1997-2006) was submitted to the fifty-eight session of the General Assembly was finalized. The report is available here . |
| September 2003: |
The report of the Secretary-General on the Implementation of the first United Nations Decade for the Eradication of Poverty (1997-2006) was published. |
| October 2003: |
The report was discussed in the Second Committee under item 100 of the provisional agenda. |
| October 2003: |
A briefing was organized for Member States on the draft programme of action for the Year. |
| November 2003: |
A draft resolution on the International Year of Microcredit was negotiated in the Second Committee (Economic and Financial). |
| December 2003: |
The resolution A/Res/58/221 on the Programme of Action for the Year of Microcredit was adopted by the General Assembly. |
| September 2004: |
Report of the Secretary General on Preparations for the International Year of Microcredit 2005 |
| 18 November 2004: |
Launch of the Year at the United Nations headquarters in New York. |
Objectives of the International Year of Microcredit
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The five key objectives for the Year are designed to unite Member States, UN Agencies and Microfinance Partners in their shared interest to build sustainable and inclusive financial sectors and achieve the Millennium Development Goals (MDGs). The objectives are to:
- Assess and promote the contribution of microfinance and microcredit to the MDGs;
- Increase public awareness and understanding of microfinance and microcredit as vital parts of the development equation;
- Promote inclusive financial sectors;
- Support sustainable access to financial services, and
- Encourage innovation and new partnerships by promoting and supporting strategic partnerships to build and expand the outreach and success of microcredit and microfinance.
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