Last Wednesday, 12th of December, was ‘Microcredit Day’. For this occasion, the Blue House hosted a celebrating conference. The Financial Services Commission, as one of the leading entities promoting microcredit measures, was invited to the conference. The FSC Chairman Kim Seok Dong and other FSC officers working at the Microfinance Division went there, and delivered a briefing about how financial support was given to low-income households in forms of microcredit funds.
This conference was a meaningful event to evaluate how the current administration has achieved its initial goal set at the time of entering the office. One of the goals was ‘active welfare’, which provides support for the financially-excluded and thus helps them rebuild their economic capabilities. Microcredit has been used as a core measure to achieve this ends.
Not only the officers from related microfinance entities, but also the beneficiaries of microfinance attended this conference. Their real stories were presented, letting the attendees share their stories of ‘a new beginning’ with microfinance. It seemed that KRW 9 trillion for microfinance over the past five years was spent for the ‘right purpose in need’.
For the next follow-up post, I would like to share the episodes of beneficiaries. They were real, moving and touching. Please keep your eyes on the next post!