It gives me great pleasure to join you for the 1st Dubai Microfinance Forum. This Conference is a welcome opportunity to initiate a crucial debate on strenghtening the current standards of microcredit and developing the microfinance sector in the MENA region and I would like to congratulate the organisers, for working together, to make this event possible in the United Arab Emirates.
PlaNet Finance, one of the largest international organisations providing support for all the Microfinance Institutions, contributes both to the professionalism and the financing of the microfinance sector by offering services such as training, rating and financing. When in January 2005, PlaNet Finance opened its regional office in the United Arab Emirates, I immediately encouraged the initiative that was following the United Nations Millenium Goals.
I would like to begin by expressing my warm and sincere congratulations to the new Peace Nobel Prize winner, Muhamad Yunus. When I met him in Jordan during the World Economic Forum in 2005, I was impressed by his charisma and devotion. Such characteristics have been recognized and rewarded by the Jury in Oslo. These noble acknoldgements are a major sign of some of the worthy support that is given to Microfinance.
I believe that the microentrepreneurs living below the poverty line must be enabled to overcome their circumstances, to build a secure future with pride and dignity. I myself discovered the importance of Microfinance when I was a member of the YBO and I also share the vision of economic growth and profitability linked to its social impact. That’s why I am proud that the United Arab Emirates which now stands as a successful financial and business center in the region is hosting PlaNet Finance’s regional office and this Conference. I believe that raising awarness here in Dubai will in turn have a major impact on the development of Microfinance in the region.
There is no doubt that the Middle East does not display the most significantly inspiring economic statistics. For example, high population growth is increasing the severity of the employment problem and hence the frustration of youth. By 2020, we need to create 100 million jobs throughout the region. Microfinance focuses on the support of business activities especially for women to enable them to break the cycle of unemployment, dependency and poverty.
Countries such as Egypt, Bahrain, Jordan, Saudi Arabia and Oman are all powering ahead with ambitious programs that will do much to develop their economies. And good corporate governance is critical to the development of wealthy economies. I am pleased to see Corporate and Bank directors present today. As the Minister of Economy, I recognise that further enhancing Corporate Social Responsability values is essential to increasing the development of countries in the Middle East. By focusing on Banks and Coporations, this Forum will assist in providing the opportunity for companies and private sector in a whole to improve their governance while simultaneously working toward a real cooperation with the actors of Microfinance.
Our country also needs initiatives like this Forum. The GCC and more particularly the United Arab Emirates can also benefit from Microfinance. In the Emirate of Fujeira, I met women who successfully started a local taxi sevice employing women for drivers. Following the principles of Muhamad Yunus, as a group, they borrowed money and are today able to have a better life and have empowered themselves in their community. This is one example that helps me support the Microfinance cause/effect in the region. During this 2-day Conference, we aim to interact and benefit from each other and improve the implementation of Microfinance in a region that needs it.
Finally, I am extremely pleased to reassert my support for PlaNet Finance UAE and the network it managed to develop in the MENA region.
