First savings account for development financing
Anyone who wants to use their savings to help finance sustainable development can do so now: The first regular savings account for development financing in Switzerland makes this possible.
Alternative Bank Switzerland (ABS) and Oikocredit are launching Switzerland's first regular savings account that enables Swiss bank clients to create direct social-ecological benefits in developing countries.
Savers deposit money with ABS on the Oikocredit support account one. As with any other account, the bank guarantees the security of the funds. As part of the partnership, ABS grants a loan in the amount of the invested funds to Oikocredit International, based in the Netherlands. The socially oriented investment cooperative uses the funds to finance partner organizations in more than 70 developing countries.
Thus, small loans to economically active people are made possible on site, renewable energies are promoted or financing is provided to smallholder cooperatives that produce, for example, fair trade food for their own market or for export to Switzerland. With over forty years of experience in this field, Oikocredit is one of the world's leading private institutions for financing sustainable development.
