Zambian Micro Entrepreneur Launches UN Year of Microcredit

12.00.00am GMT Thu 18th Nov 2004

The Launch of UN Year of Microcredit

Alice Jere, a 47 year old chicken farmer from Zambia, who began her business with a tiny £20 loan, made history today when she opened the markets at the London Stock Exchange to mark the launch of the worldwide UN Year of Microcredit in 2005.

Alice was invited to open the Stock Exchange at 8am by its Chairman, and joined by UK entrepreneur and recent winner of the Business Person of the Year Award, Karan Bilimoria, Chief Executive of Cobra Beer.

The UK National Committee for the UN Year of Microcredit, which includes the All Party Parliamentary Group for Microcredit, chaired by local MP Annette Brooke, organised the event. The APPG, founded in 2002 by Annette Brooke, has been instrumental in bringing together the UK's microcredit organisations which enabled the National Committee to be established.

Members of UK National Committee with Chief Executive of Cobra Beer and Microfinance clients at the London Stock Exchange

After meeting Alice Jere, Annette Brooke MP said:

"Alice is a remarkable woman. But, what she has done on the back of a £20 loan four years ago - putting her five children though school and college, supporting members of her extended family and providing a home and education for local HIV/Aids orphans - is typical of many business women in the developing world.

"Alice hopes, and so do we all on the UK National Committee, that the UN Year of Microcredit will see many new small scale businesses gain access to the initial funding they need to grow successful companies like hers"

With almost two thirds of the world's population excluded from basic financial services, the UN Year has been launched to draw the attention of banks and financial institutions to the need for reliable financial services in the developing world and the impact small loans - microfinance - play in reducing poverty and helping to empower the economic and socially excluded.

Commenting on the 'feminization of poverty' Andrew House, Chair of the UK National

Committee for the UN Year of Microcredit said:

"Small scale business loans to women change lives and change families. While 70 percent of the world's poor are women research shows that if we provide microcredit facilities to women they repay the loans in full, repay the loans more quickly and spend the money their business generates on supporting their families and the local community."

Liberal Democrat MPs in the APPG Annette Brooke (Chair) and John Barrett (Secretary) discussed microcredit matters further at the launch with Gareth Thomas, Undersecretary of State for International Development, who is keen to promote and develop DfID's support for microcredit projects and initiatives. With debates and parliamentary questions planned, they hope to really make an impact in 2005.