Her Majesty Queen Rania Al-Abdullah

Thank you Lawrence for that warm welcome. It’s a great pleasure to be here today. I’m delighted to voice my support for the Microenterprise for Self-Reliance Act, and the admirable work you’re all doing in this field.

When I think about the achievements of the Microenterprise Coalition, words once said by Henry David Thoreau come to my mind: "If you have built castles in the air, your work need not be lost; that is where they should be. Now put the foundations under them."

Underprivileged men and women around the world build castles in the air. They imagine improving their lives and those of their children. They seek to break free from the chains of poverty. They dream of how their future could be, if only they could get that little bit of help that makes a whole lot of difference. Unfortunately, in most cases, their castles in the air remain just that, because they have no strong foundations beneath them. Enter institutions such as the Microenterprise Coalition, and with what may seem to most of us a negligible amount of money, they provide a firm base for the castle.

Sounds like a fairy tale? Well, your work has proven time and time again that it’s not. After all, the essential ingredient is there: individuals with initiative, courage, and determination exist all around us. All they lack is opportunity. And this is what microfinance is all about.

We all know that microfinance is not a magical solution to world poverty. But it has proven to be a catalyst behind harnessing the productive capacities of millions of underprivileged men and women. Everywhere I go, I meet so many inspiring individuals who have taken charge of their lives through microfinance… women who have single-handedly ensured the education of their children through the successes of their projects… men who have turned their hard work into prosperity with the help of a $100 loan. If asked to give an anecdote about a successful Jordanian microentrepreneur, I find that I cannot pinpoint just one individual or project... because each and every story I have heard or witnessed has touched me in some way. Everywhere I go, in Jordan and elsewhere, I see success stories that have had monumental effects on people’s lives.

So where does microfinance stand today, and what is its future? I believe we have long passed the trial and error phase. Indeed, over the years, microfinance has proven its effectiveness. The lessons of what works and what doesn’t have been exchanged globally through our closely-knit microfinance community. Different programs may adopt different methodologies, but the key ingredients remain the same: mutual trust, accountability, and a strong belief that the poor are credit worthy.

Nevertheless, we must face the fact that microfinance institutions cannot achieve their full potential on their own. Although there are hundreds of microfinance programs around the world, they reach less than 5 percent of a world market for microfinance services that is estimated to be over 200 million clients. In order to expand, become more viable and sustainable, and to make a lasting impact, these programs need the support of both the public and private sectors to move to the next level… and that is, to build a broad-based global financial sector.

As we look to the future, we know that microfinance should evolve not only to include business support services, but also to encompass a larger scale of services such as insurance, technology-based financial transactions, and access to capital markets. Access to credit should come in parallel with access to technology. The poor must concurrently be given the tools of the modern information age to succeed as entrepreneurs and as active economic agents in the global community.

More than anything, the next phase in the evolution of microfinance should involve the commercialisation of the industry--the marriage, if you will, of mainstream finance to microfinance. Only then can we ensure a sustainable flow of capital in the long run.

In closing, I’d like to thank all of you for your efforts. A special thanks goes to all members of Congress who have been so outspoken on the issue, as well as to USAID and the Microenterprise Coalition for being so instrumental in developing the microfinance industry in Jordan, and for working to replicate its success throughout the world. Together, we can plant the seeds for a more inclusive global economy. Thank you.