January 24, 2005 Halifax, Nova Scotia Halifax will play host to one of the largest conventions in Atlantic Canada's history when the annual international Microcredit Summit is held here from November 12-15, 2006. Over 2,000 delegates from over 100 countries are expected to participate in the summit, creating significant spin-off benefits for local businesses and tourism operators. The Government of Canada is investing $500,000 from the Atlantic Canada Opportunities Agency (ACOA) and $250,000 from the Canadian International Development Agency (CIDA) in the 2006 Microcredit Summit. The Government of Nova Scotia is investing $250,000. "It is an honour for Atlantic Canada to host the Microcredit Summit in 2006," said ACOA Minister Joseph McGuire, who announced the Government of Canada's support for the summit in Halifax today. "Historically we have embodied the principles of self-help. Co-operatives and credit unions play an important role in our society, and can play an even more important role in developing nations." "Microcredit initiatives are key to unleashing entrepreneurship in developing countries," said Minister Carroll. "By helping men and women establish and grow businesses, microcredit is key to reducing poverty and fostering sustainable development. This summit is an excellent opportunity to enhance and promote private sector development." "Nova Scotia is proud to be the place where people will gather to learn about microcredit ideas that are helping small businesses around the world gain access to credit to grow their regions," said Waverley-Fall River MLA Gary Hines on behalf of Economic Development Minister Ernest Fage. "Nova Scotia will benefit from hosting such a large international conference, but all participants will go away richer." "The Governments of Canada and Nova Scotia have been very supportive, just as Canadians have shown time after time that they generously support international development initiatives," said Microcredit Campaign Director Sam Daley- Harris. "With this kind of continuing support from the world's developed nations, Microcredit will continue to make a positive difference to the world's less fortunate people." Microcredit makes money accessible to the world's poorest people, giving them credit for self-employment and other financial and business services. Credit through traditional banking institutions is very difficult for many people to attain, and Microcredit believes that the benefits of making funds available through alternative means are economically and socially significant. The Microcredit Campaign is supported by governments and private organizations around the world, including heads of state such as Her Majesty Queen Sofia of Spain, former Japanese Prime Minister Tsutomu Hata, and Mexican President Vincente Fox. Previous Summits have been held in Ivory Coast, Zimbabwe, India, Mexico, and the United States. The 2005 Summit is taking place in Chile. The international Microcredit Summit Campaign set a target in 1997 to extend credit to one hundred million of the world's poorest people by 2006, most of them women, and many of whom live on less than one dollar per day. In December 2004, the Campaign announced that they are well on track to meeting that goal. The attainment of the goal is expected to be announced at the Halifax Summit. Visit www.microcreditsummit.org for more information. For broadcast use: A major international conference is coming to Halifax in 2006. The Microcredit Summit will take place from November 12-15, 2006, and is expected to attract over 2,000 delegates from more than 100 countries. Microcredit is the practice of lending money through non-traditional means to the poorer people of the world for self-employment and other financial and business services. The Summit is being supported by a $500,000 investment from ACOA, and $250,000 each from the Canadian International Development Agency and the Province of Nova Scotia. ACOA Minister Joseph McGuire called it "an honour for Atlantic Canada to host the Microcredit Summit in 2006," while CIDA Minister Aileen Carroll called the summit "a prestigious and high-profile international event." Waverley -Fall River MLA Gary Hines) said on behalf of Economic Development Minister Ernest Fage that while Nova Scotia will benefit directly from hosting the conference, "all participants will go away richer." -30- For further information, please contact: Valérie Poulin Director of Communications Office of the Honourable Joseph McGuire Minister of Atlantic Canada Opportunities Agency (613) 941-7241 David Harrigan Media Relations Officer ACOA (Nova Scotia) (902) 426-4238 Mary Jane Fumerton Communications Officer Office of Economic Development (902) 424-8922 Sam Daley-Harris Director Microcredit Summit Campaign (202) 637-9600, ext. 26
