Question : Which of the following years was declared the International Year of Microcredit by the UN?
Option 1: 2008
Option 2: 2004
Option 3: 2002
Option 4: 2005
Correct Answer: 2005
Solution : The correct answer is 2005 .
2005 is defined as the International Year of Microcredit. The UN's declaration of 2005 as the International Year of Microcredit helped highlight the importance of microfinance as a tool for empowering individuals and communities, promoting gender equality and fostering economic development. It also encouraged governments, financial institutions and civil society organisations to support and expand microfinance initiatives worldwide.
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