International Year of Microcredit is a special event of the United Nations

United Nations

The United Nations is an international organization whose stated aims are facilitating cooperation in international law, international security, economic development, social progress, human rights, and achievement of world peace...

 which took place in the year 2005. The event highlighted microfinance

Microfinance

Microfinance is the provision of financial services to low-income clients or solidarity lending groups including consumers and the self-employed, who traditionally lack access to banking and related services....

 as an instrument for socioeconomic development

Socioeconomic development

Socio-economic development is the process of social and economic development in a society.Socio-economic development is measured with indicators, such as GDP, life expectancy, literacy and levels of employment...

.

The year was launched on November 18, 2004.

Goals

The United Nations Economic and Social Council

United Nations Economic and Social Council

The Economic and Social Council of the United Nations constitutes one of the six principal organs of the United Nations and it is responsible for the coordination of the economic, social and related work of 14 UN specialized agencies, its functional commissions and five regional commissions...

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:

1. Assess and promote the contribution of microfinance and microcredit to the MDGs;
2. Increase public awareness and understanding of microfinance and microcredit as vital parts of the development equation;
3. Promote inclusive financial sectors;
4. Support sustainable access to financial services, and
5. Encourage innovation and new partnerships by promoting and supporting strategic partnerships to build and expand the outreach and success of microcredit and microfinance.

External links

• Official webpage. Text used with permission.
• International Year of Microcredit 2005
• International Year of Microcredit, 2005