State of the Microcredit Summit Campaign Report 2004

This paper states that the goal of the Microcredit Campaign is to reach 100 million of the world's poorest families, especially the women, with credit for self-employment and other financial and business services by the end of 2005. The Campaign also focuses on reaching one of the Millennium Development Goals (MDGs) - to cut absolute poverty in half by 2015.

The author addresses the following points:

• The success of the Campaign so far: 80,868, 343 clients served, of which 4.5 million are women;
• The revolution in banking and international development created by microcredit practitioners;
• A new law in the United States, which asks institutions to allocate 50% of spending to people who live on less than $1 a day;
• The World Bank uses less than 1% of its annual spending on microfinance and is reluctant to earmark funds specifically towards microfinance.

The paper also discusses the survey methodology adopted by the Summit, and the Summit's focus, which goes beyond reaching the poorest and includes:

• Empowering women;
• Building financially sustainable institutions;
• Ensuring a positive sustainable impact on the lives of clients and their families.

The author concludes that:

• The goal of the Microcredit Summit Campaign has always been to unleash the dreams and potential of those the world has always ignored;
• It has succeeded in fulfilling this goal.