#tbt: The 1997 Microcredit Summit, where it all began

#Tbt_14

Dignitaries who attended the 1997 Microcredit Summit.
From L-R: Tsutomu Hata, Former Prime Minister, Japan; H.E. Pascoal M. Mocumbi, Prime Minister, Mozambique; H.E. Alberto Fujimori, President, Peru; H.M. Queen Sofia, Spain; H.E. Sheikh Hasina, Prime Minister, Bangladesh; Hillary Rodham Clinton, First Lady, United States; Prof. Muhammad Yunus, Managing Director, Grameen Bank, Bangladesh; Elizabeth de Calderón Sol, First lady, El Salvador; Ana Paula dos Santos, First Lady, Angola; H.E. Dr. Siti Hasmah, First Lady, Malaysia; H.M. Queen Fabiola, Belgium.

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We are pleased to bring you this #ThrowbackThursday blog post, which was originally published in the 1997 Microcredit Summit Report. As we explore the Six Pathways in financial inclusion to end extreme poverty, we look back at the wise words leaders from around the world had to say about ending poverty. We’ve included just a few in this blog post.


Connie Evans*, President, Women’s Self-Employment Project, Council of Practitioners

Connie Evans

Connie Evans is now the president and CEO of the Association for Enterprise Opportunity

Collectively, we represent what can be a glorious future with our voices and our vision. It is a vision for a global movement whereby poor families, especially the women in those families, are joined by practitioners, CEOs, Presidents and Parliamentarians, advocates from all disciplines and walks of life, to eradicate poverty. A global movement whereby microcredit, microfinance, and microenterprise are supported and fostered.

As practitioners, we must develop — and continue to develop — programs that directly and profoundly empower people to help themselves. We must develop and manage sophisticated data information systems so that we can strategically share best practices and avoidable mistakes. We must develop human and financial resources to sustain the best programs. We must hold accountable all those responsible for the management and administration of our governments…And, most importantly, we must incorporate our clients into decision-making positions in our institutions, our communities, and our governments…

Be renewed, be assured, have courage, and let’s all be bold. Embrace the goal of the Microcredit Summit. Speak loudly and proudly of our task to reach 100 million of the world’s poorest, especially the women, with all the tools of microenterprise…Give your voice to the vision and make your commitment to the Declaration and Plan of Action.

Fawzi al-Sultan*, President, IFAD, Co-Chair, Council of International Financial Institutions

Access to even small-scale deposit and credit services, together with other productive services, can work something close to miracles. Our experience, in a variety of conditions across the developing world, underlines that the rural poor are really bankable…

We must nonetheless keep in mind not only the benefits but also the limits of microfinance as a tool…it is not enough by itself to ensure sustainable development for the rural poor. the poor equally need access to better technologies, to health and education services, to fair markets and adequate infrastructure…

Throughout our efforts, we must make sure our work addresses the real needs and priorities of the people we want to serve. We also need to be realistic about the capacity of the microfinance providers themselves…Banking with the poor requires good management ability, especially in controlling the costs of operations and in assessing risks…

And, finally, we have to make sure the financial sector as a whole is set up to support our efforts…Interest-rate structure, monetary policy, and requirements for registration and reserves can make or break microfinance providers…

To help [the Summit’s] goal, IFAD is committed to allocating up to 30 percent of its loan portfolio, or about US$ 125 million a year, to promote financial services to the poorest…

We will integrate the microfinance strategy into our overall program planning and work with others, wherever possible to further the Summit Action Plan.

*Connie Evans is now the president and CEO of the Association for Enterprise Opportunityand Fawzi al-Sultan is now a senior partner with F&N Consultancy.

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