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SearchOikocredit: € 1 billion cumulative investments with social impact
25-03-2010
2009 results: Growth in a year of global economic downturn
In 2009, a year when financial institutions encountered difficult market conditions, Oikocredit - one of the world's largest private financiers of the microfinance sector - achieved record high inflows. Oikocredit's capital inflow reached € 62.9 million and its total assets grew by 13% to € 537 million at the year end. Oikocredit's board of directors will propose to its members to continue paying out 2% dividend to its investors.
Tor G. Gull, Managing Director of Oikocredit: "Another landmark was reaching € 1 billion in cumulative committed loans and investments since Oikocredit began its operations in 1975. I am proud that despite the economic downturn still large numbers of individuals and institutions invested in Oikocredit's mission to empower poor people."
Social return on investments
Oikocredit is committed to ensuring social return on investments. Measuring and tracking the real-life impact of microfinance is essential to this. For that reason, Oikocredit has been working side-by-side with two other knowledge experts, the French organization CERISE and the Grameen Foundation based in the United States. A social performance management tool to identify how microfinance institutions (MFIs) can improve their social performance was applied to over 50 microfinance institutions by Oikocredit's offices in the Caribbean, Central and South America. In Asia, staff at Oikocredit's Phillipine and Cambodian offices was trained in the implementation of tools developed to assess and measure the ‘poverty level' of MFI clients and the extent to which poverty is reduced over time. In addition, Oikocredit itself underwent a social audit, the first microfinance investor to do so.
The purpose of net results
Oikocredit's net result in 2009 amounted to € 19.3 million (in 2008: € 11.4 million), of which € 7.4 million is proposed to be paid as dividend to the members. Oikocredit uses this net result for the benefit of its social mission. It pays a modest dividend to its members, who put their financial interests after the social benefit that their money can have. Despite the recession, still large numbers of individuals and institutions invested in Oikocredit's mission to empower poor people. The close-knit network of regional offices and experts enables Oikocredit to work with partners that provide loans to people in the poorest areas, where both the risks and social returns can be high. Oikocredit's aim is to also work in regions often avoided by other financial institutions.
Oikocredit: private capital for development
Oikocredit is a cooperative financial institution that offers loans or investment capital to 790 microfinance institutions, cooperatives and small and medium sized enterprises in over 70 countries. At this moment the project partners that Oikocredit financially supports reach out to a total of 17.5 million people. Oikocredit is privately financed by individuals, organisations and churches.
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More information:
For more information please contact Kawien Ziedses des Plantes, Manager Communications, on +31 (0)33 422 40 40 / +31 (0)6 54722324 or by email kziedsesdesplantes@oikocredit.org
Five years Oikocredit - consolidated figures
These press releases and other disclosures of news and events are correct to the best of our knowledge and belief, based on the information available at the time of publication. These may contain certain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. All press releases are current only as of the date specified. Oikocredit International disclaims any obligation to update or correct press releases as the result of financial, business or any other developments occurring after the specified date.
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