Background

In September 2000, the world leaders gathered at the United Nations headquarters in New York, at the Millennium Summit, and issued the Millennium Declaration, which presented the goals of the international Agenda for the new millennium, in which the world leaders committed to a global partnership aiming to reduce extreme poverty, and set the Millennium Development Goals for the world over the next fifteen years. In March 2002, the leaders regathered in Monterrey, Mexico, and addressed the challenges of financing development, especially in developing countries. The Monterrey Conference urged leaders to mobilize additional financial resources and increase the effective use of existing resources, and to strengthen and develop local financial sectors, by encouraging the de­velopment of capital markets, including banking systems…