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By Laxmi Murthy Next year, the UN, governments, civil society and the private sector join hands to raise the profile and build the capacity of the micro-credit and micro-finance sectors
The UN General Assembly has designated 2005 as the International Year of Micro-credit and has invited governments, the United Nations system, concerned non-government organisations and others from civil society, the private sector and the media to join in raising the profile and building the capacity of the micro-credit and micro-finance sectors. (http://www.uncdf.org/english/microfinance/year/index.php) Through a concerted, collaborative and spirited effort by all stakeholders, micro-credit 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 by half by 2015. There is a growing community of institutions and organisations committed to eradicating poverty through the delivery of financial services to poor and low-income people throughout the world. The first Micro-credit Summit held in Washington in February 1997launched a campaign to reach 100 million of the poorest families of the world with credit for self-employment, particularly the women of those families, by 2005. The Summit recognised that the availability of micro-finance facilities has raised the hopes of millions of the poorest households who are benefiting from these services. To obtain a greater impact and ensure its sustainability, the achievements in the field of micro-finance will have to be matched by appropriate mechanisms to provide the basic social services, especially education and healthcare, that are needed to improve the quality of life of these people who are difficult to reach. http://www.unesco.org/most/povmicr2.htm. Known alternately as micro-credit or the broader term micro-finance, 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, micro-credit was provided to 26.8 million poor people—though this represents only about 6% of the estimated number of poor who could effectively use credit and related financial services including savings, insurance and asset-building systems. The micro-finance model is well tested, but the need far exceeds current capacity. The United Nations Capital Development Fund (UNCDF) (www.uncdf.org), as the policy advisory and technical assistance centre for micro-finance for the United Nations Development Programme Group, expects to play a joint coordinating role in the Year with the UN Department of
Economic and Social Affairs (UNDESA). Documents relevant to the International Year of Micro-creditConcept Paper for the International Year of Micro-credit 2005 (http://www.uncdf.org/english/microfinance/year/2005YearConceptPaper_English.pdf) United Nations General Assembly Resolution A/58/488
[Implementation of the first United Nations Decade for the Eradication of Poverty (1997-2006)] http://www.uncdf.org/english/news_and_events/newsfiles/2005/N0366075.pdf UN Resolution proclaiming 2005 as the International Year of Micro-credit http://www.uncdf.org/english/microfinance/year/GAresolutions/UNGA-YoM_eng.pdf The Secretary General's draft programme of action for the International Year of Micro-credit http://www.uncdf.org/english/microfinance/year/GAresolutions/A58-179_english.pdf Get involved. Stay informed
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