International Microcredit Day

International Microcredit Day is not a firmly established or generally recognized annual holiday like World Health Day or Earth Day. Some organizations or communities may celebrate such a day informally - for example on 15 April.

International Microcredit Day highlights the importance of microcredit as a tool for poverty alleviation. Microcredits are small loans that help people in developing countries in particular to take up economic activities and improve their living conditions. They are particularly important for women, as they are often economically disadvantaged and microcredits give them a chance to become financially independent.

International Year of Microcredit (2005): The UN campaign led to a worldwide mobilization of resources. It was estimated that by then around 3,000 microfinance institutions were operating in developing countries, with plans to reach 100 million households by 2005.

The idea of microfinance originated in the 1970s when Muhammad Yunus, an economist from Bangladesh, developed the concept. His Grameen Bank became a pioneer in this field and was awarded the Nobel Peace Prize in 2006. Today, there are thousands of microfinance institutions worldwide.

A special feature of microloans is that they are often granted without traditional collateral. Instead, the system is based on trust and community support. Group models in which members support each other are particularly successful.