§ Mr. GogginsTo ask the Secretary of State for International Development what plans she has to develop European policy on microcredit during the UK Presidency of the European Union. [31761]
§ Clare ShortMy Department played an active role in an EC expert group on microfinance in the latter half of last year. My officials made a significant contribution towards the preparation of a Commission paper "Microfinance and Poverty Reduction" which was discussed by this group. This resulted in a Resolution on microfinance that was adopted by the Development Council last November.
During the UK Presidency, the Commission is charged to produce additional guidelines to assist the Commission in the design and implementation of microfinance projects. My officials will be in consultation with the Commission once these guidelines have been drafted. The key objective is to ensure that EC funds used to support microfinance projects are deployed to maximum effect to assist the poor on a sustainable basis.