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Plenary Session: Ensuring Impact

International Year of Microcredit

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HE Isatou Ndjaie Sady, Vice-President and Secretary of State for Women’s Affairs, the Gambia (reading the remarks of HE Alhaji Yahya Abdul-Azziz Jemus Junkung Jammeh, the President of the Republic of the Gambia)

The Microcredit Summit Campaign is based on the notion that, with small loans and indeed access to other financial (as well as business) services, very poor people can help themselves out of poverty. In other words, we provide the enabling environment and the resources, and they empower themselves by creating or expanding small businesses.

In order for the Summit, therefore, to achieve its goals and set objectives of reaching one hundred million poor families with credit, the developed countries, international financial institutions, multilateral as well as bilateral organizations, must do more. They must do more, for example, in terms of making resources available.

I wish to emphasize that microfinance alone, that’s including savings mobilization and business development services, is not sufficient to eradicate poverty. Equal attention must be given to other sorts of development programs. Moreover, practitioners must consider integrating other development programs with microfinance corporations where possible. Microfinance institutions have developed strategies and programs as well, due to the impact of HIV/AIDS, which has had a negative impact on many developing countries.

Whilst the development of the microfinance industry poses a daunting challenge to all stakeholders concerned, the gains made so far have proven that, indeed, microfinance is a viable option for rural income generation, household food security, as well as poverty alleviation in general. And I do hope that our partners, both for multilateral/bilateral donors, NGOs and the private sector as well, and all other partners concerned are equally convinced. I hope that the various action plans of the stakeholders will be duly advocated, particularly to promote the goals and aspirations of the Microcredit Summit.

Read remarks by HE Prommin Lartsur Nsuriday