Sheikh Hasina, the Former Prime Minister of Bangladesh and the Honorable Leader of the Opposition in the Parliament of Bangladesh was the Chief Guest at the closing ceremony held on the evening of February 19, 2004 at Hotel Sheraton. The closing ceremony was presided over by the Chairman of PKSF Dr. Wahiduddin Mahmud.

The Closing ceremony was also addressed, among others, by the Hon’ble Minister for Education, Government of the People’s Republic of Bangladesh, Dr. M. Osman Faruk and the Country Director, World Bank, Bangladesh, MS. Cristine Wallich.

Besides, Head of DFID, Bangladesh, Mr. Paul Ackroyd; Citigroup Country Officer, Citibank N.A., Bangladesh, Mr. Mamun Rashid; Director, Monsanto Holding Limited, India, Ms. Ranjana Smetacek; Associate Program Officer, Charles Stewart Mott Foundation, USA, Ms. Sue Peters; US Senator, Mr. Richard Durbin; Managing Director, PKSF Bangladesh Dr. Salehuddin Ahmed; and Microcredit Summit Campaign Director, USA, Mr. Sam Daley-Harris also spoke while Deputy Managing Director, PKSF, Mr. Moshsrraf Hossain Khan delivered the Summary presentation.

Mr. Moshsrraf Hossain Khan, Deputy Managing Director, Palli Karma-Sahayak Foundation (PKSF), Bangladesh

Mr. Moshsrraf Hossain Khan, Deputy Managing Director, PKSF presented the summary of proceedings of the four-day Asia Pacific Region Microcredit Summit Meeting of Councils. He mentioned that the presence of Honorable Leader of the Opposition in the Parliament of Bangladesh Sheikh Hasina as the Chief Guest is significant on many counts including the conviction that microcredit movement enjoys unequivocal support from all irrespective of their political affiliation or belief. It is a great honor and a matter of joy for us.

Mr. Khan mentioned that the current summit has been participated by a record number of participants from 47 countries around the world to discuss a wide array of issues concerning microcredit and poverty alleviation. There were seven (7) plenary sessions, five of which were on commissioned papers on important issues. In the joint plenary on empowering women through microcredit, the delegates had an opportunity to listen to the voices from the field where the women beneficiaries were able to show their achievements and confidence in shaping their own fate.

Mr. Khan pointed out that we had had the rare opportunities of listening from the personalities like HM Queen Sophia of Spain and Her Excellency Madam Mbeki of South Africa. There were also as many as 20 associated sessions. The participants had exposure to the best practices of microcredit intervention with potential threats and emerging issues through these sessions. There were four council meetings. The activists discussed issues concerning poverty alleviation through microcredit, exchanged ideas and renewed their commitments to the cause of the poor. The ten workshop sessions discussed issues like Cost Cutting Strategies, Human Resource Management and Training, Reaching the Poorest & Vulnerable, Microfinance & Information Technology, Empowerment of women, Involving parliamentarians, advocates and other leaders in microcredit, Securing positive impact of microcredit on environment, Designing Internal control system to minimize fraud and irregularities, Microcredit and Agriculture and the most burning issue like ownership and governance in Microfinance. The participation in all of the workshops was more than expected and the participants had eloquent deliberations in the experience sharing exercises. The six day-long courses held on-Attaining institutional, financial self-sufficiency while reaching the poorest, Cost effective impact measurement tools, Management capacity building for reaching large numbers, Basics of Microcredit Program, Legal status and Regulation for Microfinance Institutions and Creation of Autonomous Fund, were largely participated. The course leaders were chosen from the best available resources on the subjects.
Mr. Khan told that in our pre-summit arrangement of field visit programs, a total of 300 participants from 60 institutions from different countries, had visited PKSF, Grameen Bank, BRAC, ASA and Padakhep (Partner Organizations of PKSF). The exhibition stalls have shown token products and publication of 23 local and 9 international organizations including IFAD in 40 exhibition stalls. Mr. Khan concluded his presentation of summary of the summit proceedings with a note of sincere thanks to all those who made the Summit what it became.

Mr. Paul Ackroyd, Head of DFID, Bangladesh

Mr. Paul Ackroyd, Head of DFID, Bangladesh thanked PKSF for organising the summit. He mentioned that undoubtedly it was a great success and attendance was impressive. He said, ‘we are very proud that we are together with other sponsors to assist in its organization. DFID has had a long commitment to microfinance globally and in Bangladesh. Over the last 15 years, cumulatively we have provided 140 million dollars. Our program has evolved from direct support to large and innovative NGOs. We are currently preparing programs, which forecast on the ultra poor and innovation on micro enterprise and capacity and governance development and passively supporting regulation. The process of developing these priorities has been helped in by consultation with many others in a room here today. Our forecasted microfinance is over on building financially sustainable institutions’.

Mr. Ackroyd said that DFID has always believed that the institutions should evolve to become more innovative, flexible and responsive. He continued, ‘we also believe that microfinance should be doing more to reach the ultra poor and we are fortunate to be able to be partner with BRAC in an innovative program in Bangladesh in this area. Microfinance in Bangladesh is internationally renowned. It is one of the new stories. It is important to preserve that this requires a partnership between the NGOs and government. The both have an interest in maintaining a positive relationship. Government has a legitimate interest in the activities of the NGOs, which operate in the country. However, that responsibility on that interest needs to be exercised responsively. Our government has been concerned in recent years over some of the long investigations in the activities of some NGOs and into some other professions of the recent legislation, which have the potentials to undermine that reputation’. He told that he is very pleased that the government has the opportunity to reconsider its legislative proposal. Then he turned back to specific aspects of the NGO-Government relationship. Firstly to regulation he said, “we are firmly agreed with the Finance Minister that the microfinance industry in Bangladesh has grown to such an extent that the regulation is now required. DFID and other donors will be happy to work with the government in this regard to further strengthen the microfinance industry.” Secondly, he turned to interest rates. He said, “We recognize that this is a complex issue. However, I would urge not to draw sweeping conclusions. Numerous studies throughout the world have demonstrated that what the poor earn is higher than the cost. Without microfinance, poor people have to rely on moneylenders, whose rates are much higher. We believe the market should be left operating in a competitive and regulated manner. We felt that the government should allow the institutional development of microfinance institutions through legislation to allow them to transform into banks for the poor. Like Prof. Yunus, we also feel the need to reform the National Commercial Banks particularly in the rural areas. Microfinance should be seen as part of the financial system and should be allowed to develop as such”.

Mr. Mamun Rashid, Citigroup Country Officer, Citibank N.A., Bangladesh.

Mr. Mamun Rashid, Citigroup Country Officer, Citibank N.A., Bangladesh pointed out that many of his colleagues in the USA and the Far-East know Bangladesh through Dr. Yunus as many of the people in the world know Bangladesh through Dr. Yunus. He told that if we are looking for one single action, which will enable the poor, overcome their poverty, we should focus on credit. The single sentence sums up the level of impact of microcredit that it is on the battle against poverty. One loan of microcredit can change the fate of a family, a few loans can change the fate of a community and a few thousands, an entire economy.

Mr. Rashid said that the Citigroup is a holding company of Citibank N.A. believing strongly in the cause of such initiatives. They take pride in the fact that Bangladesh is the pioneer of microcredit movement and he on behalf of Citigroup feels encouraged being here at the summing up session of the 2004 APRMS. Such a session is a step in the right direction for microcredit initiatives and meeting point for ideas, challenges and success stories for microcredit from around the globe, to be transferred and shared on a common platform. The world is a story of division between rich and poor. In 2003 there were 2.8 billion living on less than US dollar two per day. The richest fifth of the world’s population received 85% of world’s total income and the poorest fifth received just 1.4%.

Mr. Rashid said that PKSF is the world’s largest autonomous microcredit support organization. He praised PKSF for organizing this very timely and relevant seminar on microcredit that was equally encouraged by the level of participation of other NGOs. The summit shows the commitment of participants to tackling poverty at the grassroots level. Fostering community development has been the aim of Citigroup as one of the world’s largest financial institution. Citigroup's involvement in microfinance began in 1965 with only a grant of 5000 US dollar. In the last four years, the Citigroup Foundation has awarded more than 11 million US dollar in grants to over 145 microfinance partners in more than 50 countries including Grameen Foundation. Their commitment to microfinance enables them to do what they do best; that creates opportunity for institutions and individuals by using their global reach and local expertise to expand access to financial services. Besides microfinance, Mr. Rashid mentioned that very recently they have contributed in founding the Asian University for women in Bangladesh with US dollar 3,50,000 grant from Citigroup Foundation. An initiative they hope would become the definitive source for women entrepreneurs in Bangladesh and provide modern education to many underprivileged women of this part of the world. Citigroup is committed to community development and they hope to continue their effort in the community development programs in Bangladesh in line with all of their (Citigroup’s) global initiatives. Main objective of the summit is to eradicate poverty from around the globe through microcredit. Citigroup looks forward to the recommendations of this summit to be implemented enabling the challenges of the microcredit movement.

Ms. Ranjana Smetacek, Director, Monsanto Holding Limited, India

Ms. Ranjana Smetacek, Director, Monsanto Holding Limited, India told that Monsanto is a funding sponsor of microcredit summit organization and has been supporting it since 1997. She said, we are fundamentally committed to the success of microcredit because it represents approving to fight poverty and also committed to the development of microcredit, because successful microcredit borrowers create new market for trade and commerce. Microcredit starts a new cycle of exchange and trade. As a result of which new customers are born. As a global company, Monsanto is committed to providing the most productive and effective agricultural tools and technologies to the farmers worldwide. Monsanto has been working with partners to help design and implement microcredit projects in Mexico, Kenya, Indonesia and India.

Ms. Smetacek said that she believes that the tools and technology however simple should have free and open access that farmers however small should have the ability to choose that technologies. She said, “Through the Monsanto Fund, we have been sponsoring and actively participating in the Microcredit Summits, because we believe microcredit is a great investment in humanity improving the self-sufficiency of families around the world.” She said that in addition to supporting global microcredit goals through the Microcredit Summit Campaign, Monsanto also partners with microfinance institutions and programs enough to reach smallholder farmers in different companies.

She said that Monsanto works with non-finance organizations to help small farmers and their communities access credit. Through Monsanto’s smallholder program were assisted thousands of smallholder farmers over the past decade. Together Monsanto and its various partners including local communities, government entities, public and private sector institutions and NGOs worked to understand the full range of smallholder farmers' need in providing food and income for families and communities. The solutions developed and offered to smallholder farmers are often a package of existing commercial technologies including improved seeds, biotechnology, crop protection products and other inputs as well as training and technical assistance. In many cases Monsanto and its partners also provide self help group formation support for the creation of other income generating activities, access to microcredit as well as linkages to grain traders and processors who purchase surplus crops produced as a result of the improved technology package. Smallholder farm families participating in this program have experience in increased social, economic and environmental benefits including an increased food security and income. Monsanto supports microcredit and smallholder farmer programs to benefit food security and the environment. She hopes that through the success of such programs the cooperative will be replaced as a sustainable solution and abundant opportunities for better life on the planet.

Ms. Sue Peters, Associate Program Officer, Charles Stewart Mott Foundation, USA

Ms. Ranjana Smetacek, Director, Monsanto Holding Limited, India gave thanks to all for the dedication of important work like the current summit. She said Mott Foundation has been proud to support the Microcredit Summit since its inception in 1997. Charles Stewart Mott created the Foundation to strengthen people and organizations what is called the capacity for accomplishment. To reach 100 million of world’s poorest families with credit by 2005, the microcredit summit has challenged all of us to fulfill our capacity to achieve this goal. Mr. Mott would be honored to have his name associated with this task.

Bangladesh is not only the birthplace of Microcredit but continuing the service of innovation sustainably and efficiently for the entire world. She said she is taking home many lessons with her. She feels there is still a lot of work that needs to be done. And this is only the end of the beginning. The important conversations and discussions that have been held during this week outlined the challenges and directions for moving forward. She said, “The Mott Foundation will continue to accompany you on this Journey. Only by reducing capital constraints, minimizing risk and creating specific innovation and experimentation we will realize the true possibilities for poverty focused microfinance and automatically reach the millennium development goals of halving poverty by 2015.”

Ms. Christine Wallich, Country Director, World Bank, Bangladesh

Ms. Christine Wallich Country Director for the World Bank, Bangladesh said, “We at the World Bank are very happy to be associated with microcredit sector in Bangladesh over the past decade primarily through our involvement with PKSF and its provider organizations.”
She said that practitioners, the government and the donors have a key role in the world-renowned success story of Bangladesh in microcredit.

Ms. Christine Wallich then expressed her pleasure over the fact that the process of regulatory development is already underway in Bangladesh and the Central Bank has prepared a draft regulation. PKSF and the microfinance industry in this country are working together in a very productive manner.

She said that the government should not pass any legislation that stifles the independence and operational flexibility that NGOs in general currently enjoy in Bangladesh.

She said together with others in the donor community, the World Bank is prepared to offer advice and technical assistance on international good practice NGO legislation and regulatory frameworks elsewhere that GOB can draw on. She said the World Bank expects a kind of legislation that supports a strong, effective and independent NGO movement in Bangladesh.
Ms. Wallich observed in addition to providing access to finance NGOs have contributed vitally and significantly in improving many social indicators in Bangladesh.

She said that many of the NGOs have social programs. They should be given the freedom to decide on whether to use their surplus from microfinance to expand their social programs like schools and health services or to lower the interest charged on microcredit.

Mr. Richard Durbin, US Senator

US Senator Mr. Richard Durbin thanked the Hon’ble Leader of the opposition in the Parliament of Bangladesh, Sheikh Hasina and the organizers for the opportunity he has been given to address the closing ceremony. He also thanked Mr. Sam Daley-Harris, Microcredit Summit Campaign Director for his robust leadership.

He applauded Dr. Muhammad Yunus for pioneering the microcredit movement saying, “I join all of you, recognizing the man who really brought us here, Dr. Muhammad Yunus”.

Mr. Durbin added there are a few people in recorded history who have made such a positive contribution to the betterment of the misfortune. Dr. Yunus is a microcredit model. He has shown how the power of an idea can bring everyone together from 46 different nations to this conference in Dhaka.

Mr. Durbin further said that an idea like microcredit can give us hope that there is a common ground, there is a weight of desperation, there is a humane and peaceful way to end the violence, which spreads in this sphere.

Mr. Durbin mentioned that his personal acquaintance with Professor Yunus began fifteen years ago with a handshake. It was in Bangladesh, in a village, a kilometer from the main road where 30-40 women were present and he was introduced as the congressman from America. He mentioned that not a single hand from those women was raised as to nod to have heard the name of America. Those women told their stories about small loans, which have brought in big changes to their life. Soon after their stories, they started to leave when one woman carrying a baby in her arms walked up to him and extended her hand to shake Mr. Durbin’s hand and to share information about herself and her family. She was so proud, so confident, and so eager to share her stories of success with him that it moved him deeply. It was the time when she was taking control of her life and heading towards a bright, prosperous future.

Mr. Durbin mentioned that the same story he has seen in Kampala Uganda where he attended microcredit meetings. There an old lady told that because of the microcredit loan, she does not crawl any more. Before she had the money from her loan, she used to crawl on her knees to beg her husband for money to feed their children.

Mr. Durbin said he also visited the slums of Delhi where there is a group of 1097 poorest women, who earlier could find no start-up money to start microcredit program. They saved few coins each month to create their loan capability. Now that group has a loan of 170,000 dollar and a savings of 100,000 dollar. These loan money earns more than interest, empowers more than the lender and the borrower, it creates an energy for change. Mr. Durbin said we can now gather our efforts to meet the challenges of continuing our fight against poverty and diseases. A force of poor people is now empowered to rise together, a force of women is now coming out, and this force will gather like a roaring thunder. Small acts of kindness, small acts of justice are the small victories in everyday life, said Mr. Durbin. A force for change that can be begun with the extended hands over Bangladeshi women.

Dr. Salehuddin, Managing Director, Palli Karma-Sahayak Foundation (PKSF), Bangladesh

Dr. Salehuddin, Managing Director, PKSF Bangladesh said that globally 1.3 billion people in the world live on an income of less than US $ 1 a day, and of them some 800 million, or two-thirds, live in Asia. Despite the limitations of the methodology used to arrive at such a global figure it provides us as a reminder of the problem and challenges of the poverty alleviations that the development practitioners and policy makers face. About 75% of the poor work and live in rural areas. The majority of these rural poor, about 44% live in South Asia, while 24% in East Asia, 24% in Sub Sahara, Africa and 6% in Latin American and the Caribbean.

Of greater concern, he felt, however is the staggering number of poor people in South Asia. Microcredit is one of the approaches, which the practitioners have adopted for poverty alleviation. There are different practices, different types of microcredit all over the world. Bangladesh is the birthplace of microcredit he said, applauding the pioneering work of Prof. Yunus in the realm of microcredit.
He pointed out that right now we have achieved the microcredit summit goal of about 67 million poor households. Microcredit practitioners are not very concerned about hedge funds, high finance and speculators who shift billions of dollars in the click of mouse of a computer. And that is what development now all about. We talk about globalization, we talk about clicking the mouse of a computer and transferring fund; but we do not talk about the poor people. We hope that policy makers, parliamentarians, donor agencies will pay heed to these poor people.
He thanked all the people who have made the summit a success, especially the practitioners from of 46 countries all over the world. He also expressed his gratitude to the donors, PKSF partner organizations, core team of PKSF, and the leader of the opposition Sheikh Hasina, and Minister for Education. He gave special thanks to the Government of the People’s Republic of Bangladesh, who set up PKSF in 1990 and left it (PKSF) on its own to operate. Bangladesh government’s role in microfinance thus is worth of immense credit, he added.

Dr. Wahiduddin Mahmud, Chairman, Palli Karma-Sahayak Foundation (PKSF), Bangladesh

In his speech Dr. Wahiduddin Mahmud, chairperson of this session pointed out that it has been a wonderful and rewarding experience for us at PKSF to host this summit meeting. This meeting has undoubtedly provided excellent opportunity for the exchange of ideas and experiences. There is no intellectual property right in microcredit. At least Grameen does not claim one. And the benefits of the free exchange of knowledge and the sharing of experiences are amply demonstrated by the gathering momentum of the global microcredit movement.

Given the range of issues discussed in this meeting, one can easily say that microcredit has come of age. He said the issues dominating the discussions are really second or even third generation problems and challenges for microcredit. The issues discussed range from outreaching the poorest of the poor, up scaling micro enterprises, setting up a regulatory framework, attaining financial sustainability, designing programs for enhancing female empowerment, mainstreaming of microcredit into the financial markets and so on. He observed that all these are exciting frontiers to explore, and the solution will vary from country to country depending on the relative strength of the respective institutions. For example regarding the scaling up of micro enterprises in some settings, Commercial Banks may be able to play the lead role, perhaps by learning from microcredit programs. In other settings NGOs may have the competitive advantage to upscale by transforming themselves into some kind of Rural Banks under some appropriate regulatory framework that will allow them to access funds from public deposits.

Dr. Mahmud mentioned that there may be some differences of opinion about the nature of the regulatory framework but controversies are only the sign of maturity of the system. In Bangladesh Microcredit Institutions have grown spontaneously and so rapidly that our regulatory system could not just keep pace with those developments. While innovations are welcome, the microcredit programs should not lose their fundamental characteristics namely that they are targeted programs providing collateral free loans to the poor people. He mentioned that if microcredit programs can be made fully commercial without compromising its main objectives that is even better. Dr. Mahmud concluded by pointing at least three important features of experience at PKSF. First, the large and expanding coverage of MC shows that poor people have almost universal although varying type of need of credit. Second, the evaluation of the MC program of POs show that the national level large NGOs and the locally based small ones both have their particular advantages and complement each other. The loan recovery rate of the partner NGOs at the field level is nearly 100%, which is well known. Which is less known is that the loan repayment to PKSF of our POs is also virtually 100%. Our loans to our partner NGOs are also collateral free just based on mutual trust.

The Chairperson gave thanks to the Managing Director of PKSF and his staff for working very hard and devoting considerable time and energy away from their heavy routine work to make the summit meeting a success. He gave thanks to Mr. Sam Daley-Harris and his team for their active support. He said, it has been a great privilege for us to have all with us.

Mr. Sam Daley-Harris, Microcredit Summit Campaign Director, USA

In his speech Mr. Sam Daley-Harris said, “We have gathered here for the largest Regional Microcredit Summit ever with more than 1300 participants from 46 countries. We have gathered to reaffirm our commitment to the Summit goal of reaching 100 million of the world’s poorest families specially the woman of those families with credit for self-employment and other financial and business services by the end of 2005. We have gathered to reconfirm our commitment to the Microcredit Summit’s core themes of reaching the poorest, empowering women and building financially self-sufficient institutions.” In a gesture to acknowledge the outstanding role played by PKSF in organizing the summit, he requested PKSF Managing Director, Dr. Salehuddin Ahmed, along with the other PKSF staff wherever they were to stand up for a moment. “Dr. Salehuddin, you have done a brilliant job,” he added. Mr. Daley-Harris also thanked the volunteers, Mass Line Media Centre (MMC), ASA and other POs of PKSF for the support they extended. He also extended his thanks to other funding agencies.

Dr. M. Osman Faruk, Hon’ble Minister for Education, Government of the Peoples’ Republic of Bangladesh

Speaking at the concluding session of the summit, Dr. M. Osman Faruk, Hon’ble Minister for Education, Government of the Peoples’ Republic of Bangladesh lauded the role of microcredit in poverty alleviation adding that it extends beyond improving the economic condition of the poor. The participation of the poor in microcredit program has positive impact on their health, sanitation and nutrition status, literacy and school enrolment of their children and family planning practices. The program has also empowered the women and helped them get integrated into the mainstream of social life.

From L to R: Mr. Sam Daley Harris; US Senator Richard Durbin; Sheikh Hasina, Leader of Opposition in Bangladesh Parliament; Dr. Wahiduddin Mahmud; Dr. Osman Faruk, Minister for Education, Bangladesh and Dr. Salehuddin Ahmed

In order to be more effective in poverty alleviation, microcredit needs to cover the credit needs of the poor-small and medium entrepreneurs, the marginal and small farmers, the hardcore poor and the disadvantaged ethnic and tribal communities, the Education Minister observed.

He felt that the sustainability of microcredit providers – the microfinance institutions (MFIs) – was very important for the sustainability of the microcredit program. He stressed the need for the national and regional microcredit funding capacity building institutions to ensure continuity of the microcredit program.

“Eradicating poverty, which is entrenched in our social and economic systems, is very difficult, but we believe that it is not impossible, if we put together our resources and efforts,” he said adding, “From this conviction the present four-party coalition government of Bangladesh has been making all-out efforts to free Bangladesh from poverty.” The government has always been supportive of microcredit program and will continue to support national and global microcredit movement, he assured.

“A consensus of all political parties, civil society organizations and opinion leaders is a must to eradicate poverty from a particular country. For Bangladesh this task is a daunting one and for our strangle against poverty we need the support of all concerned especially the political leaders,” he continued. The various agencies of the government are also implementing microcredit program. In order to show the support to the global microcredit movement, various ministries and departments of the government have provided full cooperation to hold this Regional Summit in Dhaka, he said. He thanked PKSF and the Microcredit Summit Campaign for holding this Regional Summit in Dhaka.

Summary of the address by the chief guest:
Sheikh Hasina, M.P. & the Hon’ble Leader of the opposition in the
Parliament of Bangladesh

Speaking as the chief guest at the concluding session of the summit, Hon’ble Leader of the opposition in the Bangladesh Parliament Sheikh Hasina expressed the satisfaction that the global microcredit initiative has been sustained over the years. She mentioned that she had the privilege to co-chair the first Microcredit Summit held in February 1997 in Washington D.C.

Sheikh Hasina observed that supply of credit through the conventional approach to the poor is severely limited. The information required to assess the credit worthiness of the poor people is inadequate. It is difficult to draw up a fully articulated contract. Worse still is the fact that much too often the contracts – however ambivalently worded- is enforced through the existing social relations, to the disadvantage of the borrowers, often to their ruination.

She said microcredit tries to overcome these constraints by using innovative concepts and methods of lending. The community stands for collateral; if a particular borrower fails to meet the loan covenants, the community may discharge the obligation or may also lose access to credit. The community responsibility has proved more effective than collaterals. However, forced recovery of loan through seizure of the output can ruin the borrowers or deliver them into the hands of the local plutocracy.

The leader of the opposition felt that the recovery needs to be moderated in times of crisis. The microfinance institutions may also consider reducing the rate of interest (service charge) paid by the borrowers in Bangladesh.

Quoting from the available evidence she said that the poor borrowers utilize the credit better if infrastructure and social developments take place concurrently in the area, which defines the market for them. For example, she cited the borrowers can reach the input and the output market conveniently if there is a good all-weather road. She thinks national level planning misses these small bits of development, which make the micro-level enterprises more efficient.

Sheikh Hasina mentioned that the Government during her tenure introduced microcredit programs along with skill training by several ministries in Bangladesh. These programs meet the specific needs of particular groups such as the young people, poor women without asset and land, women who sell labor on road construction, and so on.

The non-governmental organizations (NGOs) have a commendable record of microcredit operations. Not being banks, which can take deposit, the non-government organizations depend on external sources and increasingly on Government for fund, she continued.

She termed PKSF the most important source of funds for the microcredit programs in Bangladesh. She said the rich and growing experience with microcredit programs both in the private and in the public domains have shown unambiguously that the poor are bankable and perfectly capable of making sound economic decisions, and that they repay their loans. Precisely, because of all these positive attributes, basic microcredit approach and programs that have been originated here in Bangladesh have graduated to their replications in India, Sri Lanka, Malaysia, the Philippines, Indonesia, Bhutan, Vietnam and other countries in Europe and Africa. She concluded by wishing the Asia-Pacific Regional microcredit summit a great success.

Sheikh Hasina, the Chief Guest giving her address at the Closing Ceremony