The Global Microcredit Summit 2011 concluded yesterday in Valladoid, Spain with the aim to alleviate poverty and reach the MDG goals through microcredit which has already proven to bear positive results around the world. The four-day summit began on Monday 14th November, 2011. Her Majesty Queen Sofia of Spain, and the founder of Grameen Bank, Nobel Peace Prize winner Professor Muhammad Yunus, opened the "Global Microcredit Summit" at a ceremony that also featured the participation of Soraya Rodríguez, Spanish Secretary of State for Development Cooperation; Trinidad Jiménez, Spanish Minister of Foreign Affairs; Sam Daley-Harris, Director of the World Microcredit Campaign; Juan Vicente Herrera, President of the Autonomous Government of Castilla y León; and Francisco Javier León de la Riva, Mayor of Valladolid.

Professor Yunus said that "microcredit is a way of helping future generations, because they are the future." Yunus expressed regret that the crisis had forced decisions to be made that affected microcredit. Against this backdrop of dark clouds, he argued that "microcredit is a shining hope, creating light at the end of the tunnel."

Queen of Spain, Sofia, who is also the honorary co-chair of the Microcredit Summit Campaign, stated at the inauguration that "the world of microfinance and this Summit are absolutely necessary" to achieve the United Nations' Millennium Development Goals and reduce by half the number of people living on less than one dollar a day. The Queen highlighted that "Spain has become the second largest donor [to the microfinance sector] in the world."

In her speech, the Spanish Minister for Foreign Affairs said that Spain contributes more than any other OECD country to development cooperation, the seventh highest amount in the world. "The crisis has forced us to make decisions, but that will not affect our convictions. We must continue making effective progress toward the eradication of poverty."

The Spanish Secretary of State for Development Cooperation highlighted that 1.4 billion people live on less than one euro a day and that among the poorest people; eight out of every ten are women. Soraya Rodríguez stressed the "courage, bravery and tenacity" of Professor Muhammad Yunus and emphasized that microfinance "opens up a window of opportunity," adding that "we need ideas and this Global Summit is a unique opportunity."

Under the motto "Pioneering for Results" the Global Social Business Summit 2011, taking place from 9th to 12th November, brings together more than 500 individuals from the worldwide Social Business movement coming from the corporate, political, civil society and academic world. The event offers a unique opportunity to network and to gain an in-depth understanding of Social Business as a way to address social problems faced by communities around the world.

At a time when the world is in the midst of an unprecedented financial crisis, Nobel Laureate Professor Muhammad Yunus in his speech at the ceremony said that, "When the crisis is at the deepest, the opportunity is the greatest." He said that we must place faith in the unlimited capacity for creativity inherent in human beings to recreate the world in such a way that is fairer to all and sustainable.

Other noted speakers were Boris Marta, Director on the Board of Erste Foundation, Thomas Stelzer, the Assistant Secretary-General for Policy Coordination and Inter Agency Affairs and Hans Reitz, founder and creative director of the Grameen Creative Lab. Dr. Fatima Al-Balooshi, the Minister of Social Development of Bahrain also attended the inauguration ceremony.

Thomas Stelzer read a message from the Secretary General of the United Nations, H.E. Ban Ki-Moon. The Secretary General, in his message, said that the private sector, including social business has a strong role to play to achieve the Millennium Development Goals and announced the UN would support the YY Social Business Millennium Tour through Africa in 2011.

I am entrepreneur myself. I started by creating a bank, Grameen Bank, and then moved into a wide number of businesses, all with a social purpose: Grameen Nursing College, Grameen Eyecare Hospitals, Grameen Shakti, etc. Microcredit has shown a way to empower women into entrepreneurship. Grameen Bank proved to the world that entrepreneurship is the solution to poverty. Building on 30 years of experience, and with now more than 8 million borrowers of Grameen Bank, I can say that I have always considered young entrepreneurs to be the most effective solution for the future. Therefore, in my opinion, G20 YES is a fabulous initiative, gathering so much energy and momentum from all over the world. Because of their creativity and leadership, provided that they commit to share the value they create, these 400 young entrepreneurs in this room can change the world.

I am also a member of the Millenium Development Goals (MDGs) Advocacy Group, advising the Secretary General of the United Nations. As such, I am convinced that this next generation of young people should be handed over the process of the MDGs as soon as possible. These goals need to become theirs, in order for them to create the world which they want to live in. Surely entrepreneurs have a key role to play in fulfilling MDGs, if they are committed to the social value created by their companies, and social business can be part of the solutions.

The Global Social Business Summit 2011 (GSBS2011) will be held in Vienna from 9th November to 12th November. This will be the 3rd time that this annual social business event is being held. The previous two were held in 2009 and 2010 respectively.

This year's Summit will inaugurated by Chancellor of Austria, Werner Feymann, and will bring together over 500 delegates, many of whom are social business pioneers from the corporate world, civil society, academic and government sectors. These participants from a diverse background will discuss the implications and prospects of social business, through panels and workshops; share results with others, make connections and learn from each other on the social business frontier.

This year's Summit will also launch a major new initiative to motivate young people around the world to help achieve the UN's Millennium Development Goals by 2015.

Some of the noted individuals who are attending this year's Summit are Thomas Stelzer, the Assistant Secretary-General for Policy Coordination and Inter Agency Affairs, Fernando Pimentel, Brazilian Minister for Development, EU Commissioner Lazslo Andor, Narendra Jadhav, Advisor to the Prime Minister of India, Ron Garan, NASA astronaut, and Emanuel Faber, CO-CEO of Groupe Danone.

Professor Yunus also met with Yuriev Evgeny, Advisor to the President Medvedev on social issues. Advisor Evgeny sought advice from Professor Yunus regarding how to apply social business concept to solve two major problems, namely mothers with more than two children, most of whom are living under the poverty lines, and the problems of young people resorting to drinking and drug addiction. This upward rising trend is worrying the whole nation. The Advisor expressed government's wish to set up pilot social business projects to overcome these problems. It was decided that follow-up of these discussions will take place in Vienna next month when both of them will send high-powered delegations to Vienna to the Global Social Business Summit.

Professor Yunus signed a Memorandum of Understanding with the President of the Russian Chamber of Commerce aimed at establishing collaboration in promotion of social business in Russia.

Professor Yunus addressed the Russian Social Business Forum as the Chief guest. The Economic Development Ministry organized the Forum. Heads of government agencies, public and private banks, academics, NGO leaders attended the daylong Forum.

Professor Yunus also met with Maxim Nogotkov, Chairman of Svyaznoy Group. He is one of the leading entrepreneurs of Russia and wants to set up a Grameen Bank in Russia.