Indian Oikocredit subsidiary supports government relief fund for coronavirus

Indian Oikocredit subsidiary supports government relief fund for coronavirus

Photo (002).jpg06 April | 2020

Maanaveeya, Oikocredit’s subsidiary in India, has donated two million Indian Rupees (approximately € 24,000) to the Telangana Chief Minister’s Relief Fund on 31 March 2020 to help reduce the spread of the coronavirus (Covid-19).

The donation comes from Maanaveeya’s corporate social responsibility fund and will support the Government of the State of Telangana, where Maanaveeya’s office is based, to continue its efforts to fight the spread of the coronavirus.

Gouri Sankar, Managing Director of Maanaveeya, said: “The Telangana Government is taking effective measures to fight the spread of the coronavirus. The Government is creating medical and quarantine facilities, providing food for daily wage earners and implementing plans to support low-income families, by using resources from the fund.

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On the coronavirus situation in India, Mr Sankar added: “Effective steps are being taken by both Central and State Governments to control the spread of the coronavirus. The real impact on our partners will be known only after the lockdown is lifted and partners can start operations. At this difficult time, Maanaveeya is in touch with its partners, understanding their needs and will support them in this hour of crisis.”

As the coronavirus pandemic develops across the globe, Oikocredit continues to closely work with all its partners, in Africa, Asia and Latin America. The cooperative is assessing the situation each individual partner is facing and offering support wherever possible, for example, with business continuity and liquidity planning.

About Maanaveeya

Maanaveeya Development & Finance Private Limited (Maanaveeya) is the Indian subsidiary of Oikocredit, a Dutch social impact investor funding organisations active in financial inclusion, agriculture and renewable energy.

Maanaveeya finances over 80 partners, with total outstanding capital of over € 125 million (at 31 March 2020).