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A boost for health and environment in India

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09-08-2011

Oikocredit’s Indian subsidiary Maanaveeya Development & Finance Private Ltd, will begin a USD 1 million project to improve water, sanitation and energy products in India.

Last month Oikocredit regional manager Sundara Rao signed a USD 500,000 grant agreement with the International Finance Corporation (IFC), part of the World Bank Group, which will be matched with Maanaveeya funds.

“This project will encourage Oikocredit partners develop projects that connect finance to improved sanitary facilities, water purification and solar energy projects,” said Mr Rao. “We will aim to reach at least 12 partners with loans for this over the next three years.”

Mr Rao is holding a joint workshop with the IFC and others to discuss the development plans and concepts for the project. The money will provide the basis for an ‘Energy, water and sanitation fund’ and will be accompanied by capacity building from Manaveeya in the form of training and development to MFIs implementing these programmes. The programme will also include conferences, facilitating information sharing between organizations and technology.

Separate to this initiative, Oikocredit committed € 400,000 of its 2010 profit to a capacity building fund with the view to financing an additional 20 to 25 projects in the coming 12 months. The support is available to all Oikocredit partners in the financial, production or service areas.

 

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