MILAN – Small loans for individuals and families, made as a result of a major link between financial institutions and the community in developing countries who suffer more due to their limited access to water. The idea is the brainchild of the organisation, Water.org, which has launched an innovative approach to finding solutions for recovery in development: embracing the opportunities offered by microfinance for a new form of sustainability.
The programme aims to create investment in the areas most affected by water issues, supplying credit and finance to the most disadvantaged communities and empowering them to make decisions regarding their priorities. Since January 2015, Water Credit has enabled more than half a million loans; transferred 97 million dollars in commercial and social capital; benefitted around 2.1 million people, and seen a reimbursement rate of 99 per cent. An encouraging aspect of the programme is that 90% of the recipients of these loans are women.
Gary White, co-founder of the organisation alongside the actor Matt Damon explains: “We created WaterCredit to empower the less advantaged. We give them the chance to make a difference in their own cities and homes directly. This approach works and has improved the lives of over 2 million individuals in six countries across the world”.