International Year of Microcredit is a special event of the
United Nations
The United Nations (UN) is an intergovernmental organization whose stated purposes are to maintain international peace and international security, security, develop friendly relations among nations, achieve international cooperation, and be ...
which took place in the year 2005. The event highlighted
microfinance
Microfinance is a category of financial services targeting individuals and small businesses who lack access to conventional banking and related services. Microfinance includes microcredit, the provision of small loans to poor clients; savings ...
as an instrument for
socioeconomic development
Socioeconomics (also known as social economics) is the social science that studies how economic activity affects and is shaped by social processes. In general it analyzes how modern societies progress, stagnate, or regress because of their local ...
.
The event was launched on November 18, 2004.
Goals
The
United Nations Economic and Social Council
The United Nations Economic and Social Council (ECOSOC; french: links=no, Conseil économique et social des Nations unies, ) is one of the six principal organs of the United Nations, responsible for coordinating the economic and social fields ...
proclaimed the year 2005 as the International Year of Microcredit to call for building inclusive financial sectors and strengthening the powerful, but often untapped, entrepreneurial spirit existing in communities around the world.
There are five goals associated with "The Year" which are:
# 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.
See also
*
United Nations International Years
External links
Official webpage Text used with permission.
International Year of Microcredit 2005
History of international development
2005 in economics
Microcredit, International Year of
2005 in international relations
{{UN International Years