OikoCredit of Amsfoort in the Netherlands made a profit of
$30 million (CDN) last year, boosting its ability to keep on funding
micro-credit projects to help poor people around the world.
It puts a priority on agriculture and Africa.
It provided $33 million in new loans to 38
agricultural partners.
A total of $46 million was disbursed in loans to
the sector, including support to organic farming and agricultural processing.
Oikocredit said it plans to increase its support
of the sector over the coming years.
Micro-credit projects usually operate in
co-operation with development projects, helping local people to set up a
co-operative which then provides small loans to members.
The members meet weekly to review progress, share
ideas and encourage each other. Most are women.
Repayment rates have been exceptionally high and
often the groups become strong enough to undertake local improvement projects,
such as building schools and medical clinics.
There are a number of Canadian partners helping
to fund OikoCredit’s micro-finance division, including World Renew, the
international relief and development agency for the Christian Reformed Church, which has in the past invested some of its reserve funds.
