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05-03-2009

Oikocredit and mission-consistent social investment, Dublin conference.

Following the well-attended conference co-organised in Dublin in March by ECCR and seven other church and faith-based bodies, a full conference report is now available online, along with conference presentations. Patrick Hynes from Oikocredit spoke about: Oikocredit and mission-consistent social investment.

Patrick reminded the conference that more than a billion people in the world live on less than 50p per day. He spoke of some of the causes and consequences of this, including unequal international trade rules, unfair exploitation of mineral wealth, lack of access to financial services, and aid dependency. Oikocredit seeks to address these issues by investing directly in people. It channels investments into the support of microcredit, small and medium enterprises and Fair Trade. With credit operations valued at €360 million in 68 countries, Oikocredit's services reach 15 million people . Mission-consistent social investment offers an approach for faith- and values-based investors to address such issues as:

• What to invest in?
• What not to invest in?
• How to invest for the common good
• Does owning capital carry a responsibility in itself?
• How far should wealth and access to finance be shared?

Oikocredit was founded by the World Council of Churches and has 36 support associations worldwide. Most years it pays a 2 per cent dividend and the satisfaction of seeing clear social benefits. No investor has ever lost money, and operational costs and loan write-offs are low. Patrick Hynes illustrated his presentation with an example of how microcredit has enabled a small craftswoman to borrow inexpensively the money she needs for her raw materials. This was enough to free her from a cycle of poverty. In this way, Oikocredit helps change what may otherwise be thought of as unchangeable.

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