A Glimmer of Hope's first Income Creation in Rural Ethiopia commitment to CGI in 2006 was a three-year one completed a year ahead of schedule in just two years. The organization's second one-year commitment in 2008 was also finished ahead of schedule. This means, in two and a half years, A Glimmer of Hope was able to create partnerships with Ethiopian microfinance institutions and invest .25 million in income creation initiatives that included microloans being issued to more than 6,500 people. The 2009 Commitment also falls under the heading of income creation in Rural Ethiopia with its funds being targeted at new beneficiaries. For this commitment, A Glimmer of Hope will work through ASCI and OCSSCO, two well-established Ethiopian Microfinance Institutions with loan portfolios exceeding million. Funds will be used to make microloans to farmers so that they can invest in irrigation equipment and other agricultural supplies; it will also give start-up loans to businesses run by women, many of them agriculture based. The average size of these loans is with an average repayment rate of 97%. Any support of this commitment will continue reach additional beneficiaries for years to come as funds are repaid into program accounts that are overseen by A Glimmer of Hope. Currently, additional funds are being raised to fulfill this commitment; disbursement of already committed funds will begin by the end of the first quarter.
A Glimmer of Hope has been working in Ethiopia--one of the poorest countries in the world--since 2001. By the end of 2009, it had implemented more than 4,000 development projects benefitting more than two million rural Ethiopians. The first part of the process has always been to ask the communities what they need and then take the steps necessary to help them get it. Over the first few years, their top priorities were fairly consistent with water, health and education being the most requested interventions. It then became apparent that once the basic societal building blocks were in place, the best way to help poor communities out of poverty is to help them make money. Subsequently, A Glimmer of Hope has been engaged in various income creation initiatives since 2006.
SEEKING: financial resources
A Glimmer of Hope seeks other CGI members to join their efforts by co-funding this commitment in order that Glimmer of Hope can increase the pool of capital available, and thereby make more loans, and have greater impact on the lives of the rural poor and especially women in Ethiopia.
OFFERING: implementing partners, best practice information, media/ marketing