International Year Of Micro Finance

Abstract:

The United Nation has practiced the policy of assigning International years for attending vital global issues. In this context, the International year dealt with micro finance. The International year of micro finance dealt with various aspects of micro credit.

International Year of Micro Finance, 2005 has witnessed many small entrepreneurs and hence small businesses flourish like never before. People have imbibed the concept of micro finance/micro credit with so much precision that the year has seen many households experiencing new dawns. Reports say that business entrepreneurs use as low as USD$100 as loans. International Year of Micro finance has inadvertently made the financial sector stronger in all the countries where this trade is being practiced.

(I) Aim of the International Year of Micro finance:

There are many goals of the International year of micro finance, which may be summarized as below: Five objectives have been recognized in the following key areas. The primary aim of the International year of micro finance is attaining the MDGs or the Millennium Development Goals. Bringing together the Micro finance partners, member states and UN agencies is another aim of the international year of micro finance. Other goals include:

• Accessibility to the financial services should be sustainable.
• Make people aware of the logistics associated with micro finance.
• Promotion of inclusive financial framework is also a vital aspect to be kept in mind.
• Contribution of micro credit as well as micro finance to the attainment of the MDGs (Millennium Development Goals) are assessed.
• Encouraging new associations and expanding the avenues offered by micro finance and micro credit.

Participants of the International Year of micro finance:

(II) International Year Of Micro finance participants may include the following categories:

As per resolution of the United Nations General Assembly, the following category of people/institutions are eligible to participate in the International Year of Micro finance:

• Organizations relevant to United nations
• NGOs or Non Governmental Organizations
• Member states
• Civilians
• Private sector.

The main task entrusted to the above are to enhance the awareness of the functioning of micro finance.

(III) Topics covered in the International Year of Micro finance:

The spotlights of the International Year of Micro finance were on the following areas:

• National Committees
• The Blue Book Project- "Why are so many bankable clients unbanked?"
• The Global Micro Entrepreneurship Awards-"Celebrating Entrepreneurship Around the World".
• The Launch of the Year.
• The Data Project- "What type of access do poor and low income people have to financial services?".