Capital investment

With the United Nations declaring 2005 as the International Year of Microcredit, India has lined up a host of events and activities. TAJ previews the festivities in store

In recognising the potential of micro credit and microfinance, United Nations (UN) has earmarked 2005 as the ‘International Year of Microcredit.’ With nearly 50 countries confirming their participation in the event, national committees have already been established in the respective countries to organise large scale participation from microfinance clients, local governments, central banks, UN country teams, private sector leaders and NGOs as well. The year-long festivity aims to promote the role of micro entrepreneurs and establish microfinance as a good source of fundraising worldwide. In India, United Nations Development Programme (UNDP), National Bank for Agricultural and Rural Development (NABARD), Bombay Stock Exchange (BSE), Citigroup and PlaNet Finance India (PFI) joined hands to kickstart this occasion with the symbolic ringing of an opening bell at the BSE. The bell was rung by six women members of Mumbaibased NGO Sparc—the way it was commemorated the world over. In line with the UN declaration, PFI is planning to launch a committee that will plan the agenda for a series of events, conferences and workshops. Recently, Microfinance India Conference was organised to mark the year with inclusion, impact and innovation as the conference theme. UNDP, Small Industries Development Bank of India (SIDBI), PFI and ICICI Bank are cited to be the major participants. In India, a number of micro financing initiatives have already been undertaken. ICICI Bank has been at the forefront of funding

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