Summary: The Microcredit Summit Campaign welcomes Oikocredit as the newest Campaign Commitment member, joining a global coalition to help 100 million families lift themselves out of extreme poverty.
Washington, DC –The Microcredit Summit Campaign has welcomed social investor, Oikocredit, as its newest Campaign Commitment member. The Microcredit Summit Campaign aims to unite like-minded organizations in actions that support helping clients lift themselves out of poverty, such as committing to providing support to microfinance partners through training, analysis and adoption of the Progress out of Poverty Index (PPI) tool.
Oikocredit is a worldwide cooperative and social investor, providing funding to the microfinance sector, fair trade organizations, cooperatives and small to medium enterprises. Oikocredit was founded in 1975 following an idea for an ethical investment channel at a 1968 World Council of Churches meeting. Oikocredit has since grown to be one world’s largest sources of private funding to the microfinance sector, with a development financing portfolio totaling $1.1 billion.
Part of Oikocredit’s approach is maintaining a balance between financial, social and environmental impacts. Social performance is at the heart of Oikocredit’s operations, ensuring partnerships with microfinance institutions (MFIs) and other social enterprises deliver real benefits to low-income earners and their communities. Oikocredit encourages its MFI partners to implement systems to measure social results, such as the Progress out of Poverty Index (PPI) tool.
Oikocredit managing director, David Woods, said committing to the Microcredit Summit was in line with Oikocredit’s social mission. “Measuring and monitoring change in microfinance partners and their clients is an important part of Oikocredit’s social and financial activities,” said Mr. Woods.
As part of Oikocredit’s commitment to the Microcredit Summit Campaign, Oikocredit has committed to:
Oikocredit will support this 2014 commitment by:
The Campaign looks forward to welcoming this new partner in the global coalition and sharing their progress towards the Commitment achievement at the 17th Microcredit Summit.
The Microcredit Summit Campaign (the “Campaign”), a project of RESULTS Educational Fund, is the largest global network of institutions and individuals involved in microfinance and is committed to two important goals: 1) reaching 175 million of the world’s poorest families with microfinance and 2) helping 100 million families lift themselves out of extreme poverty. The 100 Million Project (focused on Goal 2) was launched in response to World Bank President Jim Yong Kim’s call to end extreme poverty by 2030 and in recognition that full financial inclusion can only be achieved by targeting the extreme poor. The coalition of Campaign members announcing Commitments is aimed at motivating microfinance stakeholders to provide products and services that reach the extreme poor and facilitate their movement out of poverty. www.microcreditsummit.org
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