ING Groenbank invests EUR 5 million in Oikocredit

31 January 2013 ... min read

For Better Business

David Woods (left), Ruud van Dusschoten (right)

In January it was announced that ING Groenbank is investing EUR 5 million in Oikocredit, one of the largest microfinance organisations in the world. This investment in the Oikocredit International Share Foundation will be used to provide more entrepreneurs in developing countries – particularly in Africa – with access to funding.

Financial participation

The Oikocredit International Share Foundation gives private individuals, companies and organisations the opportunity to invest in Oikocredit. The investment made by ING Groenbank will enable Oikocredit to provide funding to organisations and small and medium-sized businesses in developing countries. This will help them improve their future and that of their community. “Our focus is on increasing the financial opportunities of socially involved companies in developing countries and this investment by ING Groenbank is providing a welcome boost. One of our priorities right now is to grow our portfolio in Africa,” said David Woods, Managing Director of Oikocredit.

Promoting entrepreneurship

Oikocredit’s activities are a good fit with the initiatives undertaken by ING Groenbank to promote financial participation. Africa is a key area of interest, according to the ‘A Billion to Gain?’ report published in March 2012. The purpose of this investment is to increase the impact of these activities. Africa lacks sufficient funding to really get financial participation off the ground.

Ruud van Dusschoten, chairman of the board of ING Groenbank: “Promoting entrepreneurship, anywhere in the world, suits ING. In doing so we aim to achieve a financial return that is also sustainable. In addition, this investment highlights the role we play in society.”