VANCOUVER, Dec. 10, 2015 /CNW/ - Oikocredit, one of the world's largest sources of private funding to the microfinance sector, has been selected by Vancity credit union to invest a portion of the proceeds of the credit union's member Shared World fixed term deposits into Oikocredit International Share Foundation (OISF).
The funds will be used to support Oikocredit's global loans and investments with nearly 800 partner organizations in more than 60 countries in the developing world. Oikocredit is a worldwide co-operative and social investor, providing financing to the microfinance sector, fair trade organizations, co-operatives, small to medium enterprises and renewable energy. OISF provides investors with access to Oikocredit investment opportunities in many countries, including Canada.
"As Canada's largest financial co-operative our values call upon us to play an active role in furthering the co-operative movement worldwide," said Vancity President and CEO Tamara Vrooman. "The benefit of investing with Oikocredit is two-fold, it provides the opportunity to achieve financial returns for our members while making a positive and social impact in developing countries."
"More and more people are looking for ways to use their investments to tackle big global challenges," said Oikocredit Managing Director David Woods. "We are proud to be a part of Vancity's efforts to enable its members to do their part in improving the lives of low-income people in the developing world."
Ms. Vrooman and Mr. Woods said the agreement to work together on global microfinance is timely, given the climate change talks underway in Paris and the recent adoption of the Sustainable Development Goals (SDGs) by the United Nations. Two of the goals of the SDGs are to end poverty in all its forms by 2030 and to take urgent action to address climate change.
For more information on Shared World, visit www.vancity.com.
Based in Amersfoort, The Netherlands, Oikocredit is a worldwide co-operative providing loans and equity for the microfinance sector, agriculture and renewable energy in low-income countries. Oikocredit is privately financed through the investments of 53,000 individuals and organizations. Oikocredit offers a positive triple bottom line to investors: social, environmental and financial. It has a development financing portfolio totaling € 808 million, invested across 64 countries worldwide.
Vancity is a values-based financial co-operative serving the needs of its more than 509,000 member-owners and their communities through 59 branches in Metro Vancouver, the Fraser Valley, Victoria, Squamish and Alert Bay. As Canada's largest community credit union, Vancity uses its $18.6 billion in assets to help improve the financial well-being of its members while at the same time helping to develop healthy communities that are socially, economically and environmentally sustainable.
SOURCE Oikocredit Canada
For further information: Eugene Ellmen, National Director, Oikocredit Canada, +1 416 996 2392, [email protected], www.oikocredit.ca