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UNITED NATIONS CAPITAL DEVELOPMENT FUND Microfinance |
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News | Launching the Year Around theWorld Events Reflect National Cultures and Development Challenges People all around the world celebrated the launch of the International Year of Microcredit with activities and programs ranging from theater to panels on the future of microfinance to documentary films. Though many traveled to New York to spotlight the spirit of entrepreneurship, others stayed closer to home to plan events that reflected their own culture and microfinance in their own country. The Year was launched in the Philippines on 18 November at ceremonies held at the Malacañang Presidential Palace. In her video message, Philippine President Gloria Macapagal-Arroyo called on the microfinance industry to “multiply the miracles” by providing access to capital to poor and low-income people. The National Committee led by the Central Bank of the Philippines organized the event that gathered government, civil society organizations and the private sector. UN Resident Coordinator and UNDP Resident Representative Deborah Landey delivered a message on behalf of the UN and underscored the critical role of microcredit in lifting people out of poverty, especially women and their families. The Central Bank will issue a 20-peso banknote with the Year logo in 2005. According to the Philippines National Committee, this denomination was selected because it has the widest circulation and is the best representation of "micro" finance. The National Committee also presented an action plan at the celebration. The launch ceremonies also featured interviews with microfinance clients and institutions and the opening of a showcase of products made by Filipino entrepreneurs. In Romania, the Year was launched with the opening of the Romanian Stock Exchange by Opportunity Microfinance Romania, the microfinance institution that extended, in September 1995, the first micro loan together with Rodmolda SRL from Targu Mures. In Romania there are 15 Organizations that form the Micro Finance Coalition, an initiative supported by the Economical Development and Strengthening Program, funded by USAID. They have been committed since 1995 to improving the lives of low-income people through the provision of credit, and other financial and support services on a sustainable basis. Microfinance Institutions are reaching a large number of clients; in 2004 almost 20,000 people primarily in urban and rural pockets that would otherwise not have access to affordable financial services. Next year, in May 2005, Romania will host the 8th Annual Microfinance Conference, organized by Microfinance Center from Poland in partnership with the Micro Finance Coalition Romania. In Italy, the discussion focused both on financial services in the EU and microfinance in developing countries. It was also noted that in Italy, 14% of families do not have access to commercial banks, according to a study conducted by Banca d’Italia. Research by the Associacion pour la Creacion d’Enterprises noted that in some EU member states, as many as 80% of new business do not have easy access to credit. After R. Peck Christen of CGAP gave an overview under the banner, “microfinance revolution”, representatives from Opportunity Bank and ICICI shared their experiences on commercial banks’ provision of microfinance services. Three afternoon workshops focused on social investment funds, microfinance service providers in the developed world, and practitioner microfinance banks. The Milan stock exchange was also opened by a microentrepreneur. In Poland, the Year was launched with a microentrepreneur ringing the opening bell of the Warsaw Stock exchange. The Microfinance Centre in Poland organized the observance with the support of the UN Information Centre in Warsaw. In his opening speech, the UN Coordinator in Poland read the SG’s message to representatives of business and the media. The Microfinance Centre in Poland formed the Polish National Committee to commemorate the Year and undertake further activities. The Year National Committee of Mongolia together with UNDP organized a National Summit on microfinance. The four-day Summit, attended by over 1400 people, included performances, workshops, and a study tour of microfinance institutions where clients shared their experiences. UNDP Mongolia announced the winners of its “Microfinance Innovation Grant Awards” totaling $160,000 for MFIs and NGOs operating in the country. The video message from Secretary General Kofi Annan was also shown at the event. In Paraguay, UN Resident Coordinator Henry Jackelen, presided over an event to launch the International Year of Microcredit 2005. Discussions centered on the linkages of microfinance with poverty reduction; issues of sustainability and permanency were emphasized with the objective of building inclusive financial sectors. The attention of Paraguay’s society is focused on issues of peasant land invasions and land reform, public security issues, and governmental reform proposals. As such, the UN System elected to hold a small launch event, inviting primarily technical representatives to determine the level of commitment on issues of microfinance in the country and to gauge interest among local stakeholders on the formation of an Advisory Group in Paraguay for the Year. The response from both the media and sector representatives exceeded expectations. The event and the proposal to form a national-level Advisory Group received positive feedback and a high level of interest amongst participants, especially those from the private sector, and the media. Recent efforts to reform the public bank by the government inspired this interest among the participants. A decision was made to plan a broader and more public event to launch the year in February. The print media also provided favorable coverage to the initiative and more generally to the launch of the International Year, publishing twelve articles on the issue of microfinance over a ten-day period. The International Year of Microcredit 2005 in Ghana was opened with a press conference featuring the Minister of State for Finance and Economic Planning of Ghana, Chairman of the Ghana National Committee, the Honourable Dr. Nii Noi Ashong, and the UN Resident Coordinator & UNDP Resident Representative, Alfred Sallia Fawundu. Mr. Fawunduand conveyed the UN Secretary-General’s message for the Year and emphasized that the Year will highlight the how microfinance provides families access to financial services, which in turn enables them to engage in productive activities, accumulate wealth and property; furthering their ability to meet their basic needs of food, shelter, health and education. Honourable Dr. Nii Noi Ashong, gave a strong affirmation from the Government of Ghana in support of the Year and discussed the programs of the government in the sector. He said, “The expected result of these initiatives is the opportunity for the lower income population to accumulate savings and obtain credit for income generating activities. The private sector will grow faster with the availability of sustained financial services and institutions offering a wide range of instruments appropriate to different clientele in different segments of the financial markets”. Mr. Fawundu urged the media to cover
the Year, and to frame microfinance as a powerful tool to achieve the Millennium
Development Goals.
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