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International Year of Microcredit 2005Final ReportForeword | Executive Summary | Introduction
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Introduction
In 1998, the General Assembly proclaimed the year 2005 as the International Year of Microcredit to recognize the contribution of microcredit to poverty alleviation.[1] During the 58th session of the United Nations General Assembly in 2003, Member States invited the United Nations Capital Development Fund (UNCDF) and the United Nations Department of Economic and Social Affairs (UNDESA) to jointly coordinate the activities of the United Nations system during the preparations for and the observance of the International Year of Microcredit. The resolution expanded the mandate for the Year “stressing that people, living in poverty in rural and urban areas, need access to microcredit and microfinance that enhances their ability to increase income, build assets and mitigate vulnerability in times of hardship.” The resolution also invited “Member States, relevant organizations of the United Nations system, nongovernmental organizations, the private sector and civil society to collaborate in the preparation and observance of the Year and to raise public awareness and knowledge about microcredit and microfinance.” The Secretary General was requested to report to the General Assembly at its fifty-ninth session on the preparations undertaken in support of the Year of Microcredit. Annex 1 provides the General Assembly resolutions on the Year.
Photo by Adam Rogers
This document provides a final report on the International Year of Microcredit. The main goals of the Year were to assess and promote the contributions of microcredit and microfinance to the Millennium Development Goals (MDGs); increase public awareness and understanding of microcredit and microfinance; promote inclusive financial systems; support sustainable access; and encourage innovation and partnership. This report will set forth how each of these goals were achieved.
The International Year of Microcredit met with an unprecedented global response and interest. The Year sought to raise awareness of the financial needs of the world’s poor and low-income people. Celebrities, government officials, bankers, students and current and potential clients have been actively engaged in a dialogue on how to best provide those financial services, and countries are taking action to try to meet this challenge. Throughout the world, 101 countries joined the global effort to build inclusive financial sectors, aiming to create financial opportunities for the world’s low-income people. National Committees were established in 61 countries, comprising high-level government representatives, UN officials, and members of the private sector. All of the initiatives undertaken by the Year were designed to encourage innovation and strategic partnerships.
A Secretariat provided direct support to the Coordinating Committee for the Year established under the aegis of UNCDF and UNDESA. Specific activities of the Year were clustered in four major areas: communication activities, mobilization of maximum partner engagement, special events, and production of substantive outcomes for the Year including recommendations on how to move microfinance forward to 2015. Activities undertaken at the international, national and local levels were designed to be mutually complementary and supplementary.
Financial support and sponsorship for the Year came from many sources. Partnerships were established with several large, private sector financial institutions that provided significant financial and other support. The most significant of these institutions were Citigroup, ING Group, and VISA International. Additional financial support was provided by UN Foundation, UNCDF and UNDP.
