St. Maximos' Hut

An interesting piece drifted in from the Acton Institute this afternoon. Seems as though the Netherlands-based, Oikocredit, a church-backed international development bank "says it has become a world leader in providing resources for small loans for poor people to set up in business."

I headed over to their website here, and found some interesting claims. For starters, "Oikocredit believes that poor people can build themselvesa better life, if only given the chance, if only given the credit."

The entity is a privately-owned, cooperative organization, that encourages investment in a "socially responsible manner." This translates into microfinance opportunities directed to cooperatives, and to small or medium-sized enterprises in agriculture, trade, services and manufacturing. Investors typically receive a 2% return, plus a "social return".

They claim a broad spectrum of religious denominations as members, including both Roman Catholic and Orthodox congregations. Board membership certainly appears to be multi-national, with only one director from the United States. Their stated numbers appear impressive, with 398 projects currently subject to funding. It does seem an odd enterprise for a body that claims its rorigins in the "social gospel" propounded by the World Council of Churches,particularly as they advocate lending money, rather than simply giving it away in large quantities.

An interesting operation.

Fr. C.