NEW YORK, Nov 14: The four-day Microcredit Summit concluded here on Wednesday with the declaration that the year of 2005 will be the international year of microcredit. The decision has been fully endorsed by the General Assembly of the UN.

The summit attended by some 2000 delegates representing 110 countries was aimed at developing the instrument of microcredit — small loans to the impoverished population of the developing world. The experience of microcredit as a tool to fight poverty particularly in the rural areas has been found very encouraging in many parts of the world.—APP