Annual General Meeting of Oikocredit

Deputy Minister for Foreign Affairs and International Cooperation, Mahadhi Juma Maalim addressing participants to Oiko credit Information Day at Kunduchi Beach Hotel in Dar es Salaam.  

Participants to Oikocredit Information Day follow a speech by Deputy Minister for Foreign Affairs and International Cooperation Hon. Mahadhi Juma Maalim (not in the picture) at the Information Day of Oikocredit Internation

Deputy Minister for Foreign Affairs and International Cooperation Hon. Mahadhi Juma Maalim today Wednesday, June 15th 2011, graced Oikocredit Information Day that was part of the week-long Oikocredit Annual General Meeting held at Kunduchi Beach Hotel in Dar es Salaam from Friday, June 10th 2011, drawing delegates from all over the world.

In his keynote address, the Deputy Minister commended Oikocredit for it’s dedicated efforts to provide disadvantaged people with affordable loans.

Tanzania Country Manager, for Oikocredit, Mr. Deus Manyenye described the opportunity for Tanzania to host this event as a significant platform that should be used to further promote Oikocredit’s efforts in improving the lives of Tanzanians and showcase the country’s peace, beauty and tourism

Oikocredit is a global development finance organization headquartered in The Netherlands and is geared towards empowering disadvantaged people with credit. “In Tanzania, a total of Tsh 26bn has been approved for lending since Oikocredit was inaugurated in the country in 2006”, said Manyenye.

He named those who have so far benefitted from Oikocredit as Community banks, Microfinance institutions Cooperatives, NGOs, churches, Fair Trade Organizations and SMEs. Oikocredit understands the fact that of these institutions do not want to apply for loans from commercial banks for fear they would be unable to make the repayments, given the high interest rates, lack of tangible securities and other terms and conditions.

“That is where Oikocredit comes in to bridge the gap by providing affordable loans that have relevant social impact in the community”, he said and re-emphasized the organization’s central belief in the power of individuals, families and communities to build a better life for themselves if only given a chance.

Oikocredit is active in over 70 developing countries through a network of eight regional offices, including East Africa. It has managed to reach out to 28 million people in the world through loans, credit lines and equity investments in microfinance institutions (MFI).