For Immediate Release
Oikocredit Canada, a Canadian non-profit organisation, announced today the wind down of its operations in Canada. This decision by its board of directors marks the end of more than 40 years of successful operations in Canada, effective Dec 31,2023. Oikocredit Canada has played an active role in the impact investing space as a Support Association of Oikocredit International, a pioneering social impact investor and worldwide cooperative.
Oikocredit Canada, the Canadian non-profit, announced the wind down of its operations in Canada effective Dec 23, 2023. This decision by its board of directors marks the end of 40 years of successful operations in Canada. Oikocredit Canada played an active role in impact investing as a Support Association of Oikocredit International, a pioneering social impact investor and worldwide cooperative. As the Canadian market saw growing regulatory costs and an increasing number of impact investing players, Oikocredit’s operations in Canada became unviable.
“We’re proud of Oikocredit Canada’s legacy,” noted Julie Scott, chair of the Oikocredit Canada Board of Directors . “We built a world-class team and board, launched an innovative educational webinar series together with Oikocredit US, and published rigorous market research. Demand for impact investing is growing exponentially, with extraordinary potential to channel capital from Canada to make a difference in low-income countries,” added Julie Scott.
Oikocredit Canada worked with individual investors, faith groups and donors. Oikocredit Canada, like other Support Associations of Oikocredit International, was also a shareholder and member of the cooperative. Support Associations mobilize volunteers to promote Oikocredit’s mission, build communities and encourage global learning about how to combat poverty.
Oikocredit International’s operations are unaffected by the decision to wind down in Canada and will continue to meet the needs of local institutions serving low-income people in the Global South.
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About Oikocredit International
Social impact investor and worldwide cooperative Oikocredit has five decades of experience funding organizations active in financial inclusion, agriculture and renewable energy. Oikocredit’s loans, equity investments and capacity building aim to enable people on low incomes in Africa, Asia and Latin America and the Caribbean to improve their living standards sustainably. Oikocredit finances over 500 partners, with total outstanding capital of € 1.02 billion as of September, 2023. (www.oikocredit.coop)