I welcome this initiative to convene the Asia-Pacific Region Microcredit Summit Meeting of Councils in support of the upcoming International Year of Microcredit in 2005.

Eradicating poverty is perhaps the greatest global challenge facing us today. About 1.1 billion people worldwide currently live below the poverty line. If we are to make serious progress towards the Millennium Development Goal of reducing the proportion of people living in poverty by half by 2015, as well as the other related targets and goals, concerted and concrete measures are urgently needed at all levels.

Microcredit and microfinance programmes have proven to be effective in the fight against poverty, as they address the problems at the grass-roots level. This important Summit meeting, along with other related activities and events that will take place around the world, will provide an excellent opportunity to consider ways in which countries in this region—as well as in the developing world as a whole-might effectively utilize microcredit and microfinance as an antipoverty tool for bettering the lives of those living in poverty, in particular women.

It is critical for the United Nations system, Member States, NGOs, the private sector and civil society to join hands in preparatory efforts and the observance of the International Year of Microcredit in 2005. Let us work together to raise awareness and knowledge about microcredit and microfinance, their role in achieving the Millennium Development Goals, and their capacity to empower people and help communities develop in a sustainable manner. The challenge before us is to address the constraints that exclude people from full participation in the financial sector. The International Year of Microcredit offers a pivotal opportunity for the international community to engage in a shared commitment to meet this challenge. Together, we can and we must build inclusive financial sectors that provide access to financial services to poor people and help them improve their lives.