Oikocredit wins award for development microfinance

Oikocredit wins award for development microfinance

By staff writers
19 Oct 2010

Oikocredit, the innovative development financing organisation, has been given an award in recognition of its contribution to socially responsible investing.

The award has been made by The Consultative Group to Assist the Poor (CGAP).

Oikocredit has been operating in the UK for some time, but has its official British launch on 27 October 2010.

The CGAP MIV ESG Award honours the 'best in class' microfinance investors, and commends Oikocredit for its outstanding achievement in innovation and engagement with its project partners (or investees) and other industry groups.

Strict selection criteria for investments and transparency to investors have been integral to fulfilling Oikocredit’s mission, said Managing Director Tor G. Gull.

Mr Gull continued: “Dedicated Oikocredit staff in over thirty offices around the world work tirelessly to ensure Oikocredit’s commitment to its social goals, initiate social performance projects and facilitate implementation of social impact assessment tools. Environmental, social and governance criteria have, in addition to financial return, always been a part of Oikocredit’s investment policy.”

The award was presented to Oikocredit Manager Social Performance Ging Ledesma at a ceremony in Amsterdam, Netherlands, last week.

Ging Ledesma said: “As a social investor, we are committed to increasing transparency in the area of social performance management. We are thrilled to bring the Oikocredit Social Environmental and Governance Scorecard to the sector and encourage the importance of social performance management across the industry.”

Patrick Hynes, Oikocredit’s UK representative commented: “This award is great news and a recognition of the achievements of the staff of Oikocredit’s 32 country based local offices around the world. Our people are passionate about reaching difficult areas often avoided by other credit providers. We can be proud of what has been achieved so far and look forward to developing our work and becoming better known in the UK over the coming years.”

To be eligible for the ESG (environment social governance) award, Oikocredit was evaluated in four areas:

· Transparency of reporting

· Integration and enforcement

· Completeness of ESG framework

· Engagement and innovation

CGAP, issuing the award, received 32 applications. Only three microfinance investors (or MIVs) were selected to receive the CGAP MIV ESG Award for outstanding achievement in integration of ESG objectives. CGAP is an independent policy and research centre housed by the World Bank, dedicated to advancing financial access for the world’s poor.

More on Oikocredit here: www.oikocredit.org

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