International Development Week (IDW) serves as a reminder to acknowledge the impact and successes of organizations and individuals working to help people and communities facing poverty in low-income countries. Following on the IDW theme of “Go for the Goals”, Oikocredit aims to move forward in collaborative and positive ways towards reducing poverty and building a better world through sustainable finance and capacity building.
International Development Week (IDW) takes place in early February. This year’s event runs from February 7 to 13.
Living in this new normal, we’ve seen how the COVID-19 pandemic has profoundly impacted both the global capital markets and every economy down to the poorest neighbourhoods. It is not only testing the resilience of people and communities but also the existing infrastructure. It has increased food insecurities, widened the existing gender gap, stretched the health structure, and limited access to financial credit. Research shows that 1.7 billion adults now have inadequate access to formal financial services and do not hold accounts with a financial institution or mobile money provider.
Small businesses in many low-income countries are dependent on daily business income for their livelihood and to repay loans. The COVID-19 restrictions have dramatically reduced or eliminated incomes for many.
Many of the microfinance institutions that manage the daily operations of collecting and lending money have been equally impacted. Despite this trend, Oikocredit has remained connected with partners, creatively working on delayed and rescheduled repayment plans, and in some cases providing additional funds despite the increased risks.
Last year, Oikocredit continued its interaction with partners through webinars and online interactions to share experience, strategies, and ways forward. Oikocredit used Coronavirus Solidarity Fund to provide financial assistance for crisis management, awareness training, the cost of sanitation, and personal protection equipment.
Amidst the pandemic, Oikocredit released its Impact Report 2020. The report highlights the many areas of investment, work undertaken, and the impact on livelihoods. Through its many partners, finances, and capacity building activities, Oikocredit helps low-income earners, including women, to improve their livelihoods while respecting the environment. Oikocredit, through its many platforms of investing, social and environmental metrics, reports many stories of support to the achievement of Sustainable Development Goals (SDG).
Following on the IDW theme of “Go for the Goals”, Oikocredit aims to move forward in collaborative and positive ways towards reducing poverty and building a better world through sustainable finance and capacity building. Even though this year’s IDW looks different than those before, Oikocredit Canada is excited for the opportunity to continue to interact, connect, and share.
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