“In 2008 Oikocredit’s microfinance partners reached 15 million households, both in remote rural and in urban areas,” the Amersfoort-based group said in a February 6 statement.
Oikocredit was set up as the Ecumenical Development Cooperative Society in 1975 by the Geneva-based World Council of Churches to offer a socially-just means of investment. It is now described as one of the world’s largest private financiers of the microfinance sector.
“In microfinance alone we invested 287 million euros (US $372 million) in small, medium and large microfinance institutions,” Oikocredit noted, reporting on its 2008 performance. It said its total field investments had attained 365 million euros (US $473 million), an increase of 32 percent.
“Our partners continue to support entrepreneurs, enabling them to build a better life for themselves, their families and community. The social performance of our project partners is key to this success,” Oikocredit noted.
The microfinance institution received a boost in February when the Evangelical Church in Germany (EKD), the country’s biggest Protestant grouping, announced plans to increase cooperation, including an agreement to provide Oikocredit with a credit line of up to 5 million euros (US $6.4 million).
EKD finance officer Thomas Begrich described Oikocredit as a partner, “that provides grassroots and sustainable support for the economies of developing
countries.”
Oikocredit says Africa has a special place in its long-term development strategy. In 2008, the institution increased investments in Africa to 52 million euros (US $67 million), an increase of 5 million euros compared to 2007. It is exploring opportunities to expand financing activities in Africa, with a possible focus on Mozambique and Nigeria.
The agency says its capital comes from about 500 churches and church-related organizations, and about 30 000 individuals grouped in support associations.
Investors receive an annual divided of about 2 percent.
