United Nations A/RES/59/246 General Assembly Distr.: General 3 March 2005 Fifty-ninth session Agenda item 89 (a) Resolution adopted by the General Assembly on 22 December 2004 [on the report of the Second Committee (A/59/487/Add.1)] 59/246. Role of microcredit and microfinance in the eradication of poverty The General Assembly, Recalling its resolutions 52/193 and 52/194 of 18 December 1997, 53/197 of 15 December 1998 and 58/221 of 23 December 2003, Recognizing that microcredit and microfinance programmes have succeeded in generating productive self-employment and proved to be an effective tool in assisting people to overcome poverty and reducing their vulnerability to crisis, and have led to their growing participation, in particular the participation of women, in the mainstream economic and political processes of society, Welcoming the efforts made in the field of property rights, and noting that an enabling environment at all levels, including transparent regulatory systems and competitive markets, foster the mobilization of resources and access to finance for people living in poverty, Bearing in mind the importance of microfinance instruments, such as credit, savings and other financial products and services, in providing access to capital for people living in poverty, Recognizing the need to create inclusive financial sectors in order to facilitate access for people living in poverty, especially women, to microcredit and microfinance so as to enable them to undertake microenterprises to generate employment and contribute to achieving self-empowerment, and to enhance their ability to increase income, build assets and mitigate vulnerability in times of hardship, Noting that the availability of microcredit and microfinance to people living in poverty, especially women, can support entrepreneurship and spur the development of microenterprises, providing goods, services and income to the poor, thus raising incomes and fostering equitable growth, Recalling its resolution 53/197, by which it proclaimed 2005 the International Year of Microcredit and requested that the observance of the Year be a special occasion for giving impetus to microcredit and microfinance programmes in all countries, particularly the developing countries, 04-49102