Oikocredit
Encyclopedia
Oikocredit is a cooperative society that offers loans or investment capital for microfinance
institutions, cooperative
s and small and medium-sized enterprises in developing countries. It is one of the world's largest private financiers of the microfinance sector. The idea of Oikocredit came from a 1968 meeting of the World Council of Churches
. Following this, Oikocredit was established in 1975..
On 25 March 2010, Oikocredit announced that it had reached € 1 billion in cumulative committed loans and investments since the organisation began its operations. In 2009, a year when financial institutions encountered difficult market conditions, Oikocredit 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.
The word "credit" does not only refer to financial credit, but also to the Latin verb, credere, "to believe".
Microfinance
Microfinance is the provision of financial services to low-income clients or solidarity lending groups including consumers and the self-employed, who traditionally lack access to banking and related services....
institutions, cooperative
Cooperative
A cooperative is a business organization owned and operated by a group of individuals for their mutual benefit...
s and small and medium-sized enterprises in developing countries. It is one of the world's largest private financiers of the microfinance sector. The idea of Oikocredit came from a 1968 meeting of the World Council of Churches
World Council of Churches
The World Council of Churches is a worldwide fellowship of 349 global, regional and sub-regional, national and local churches seeking unity, a common witness and Christian service. It is a Christian ecumenical organization that is based in the Ecumenical Centre in Geneva, Switzerland...
. Following this, Oikocredit was established in 1975..
On 25 March 2010, Oikocredit announced that it had reached € 1 billion in cumulative committed loans and investments since the organisation began its operations. In 2009, a year when financial institutions encountered difficult market conditions, Oikocredit 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.
Etymology
"Oiko" is derived from the Greek word oikos, which means "the house, the place where the people live together".The word "credit" does not only refer to financial credit, but also to the Latin verb, credere, "to believe".