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News | ING Netherlands Forms Alliance with Oikocredit and Becomes Main Sponsor of the International Year of Microcredit 2005

ING Netherlands Introduces 'ING Microfinance Support' Programme for Employees

Press release

Today ING Netherlands announced that it will form an alliance with Oikocredit and become the main sponsor of the '2005 United Nations Year of Microcredit'. Furthermore, ING Netherlands will introduce the 'ING Microfinance Support' programme, an initiative that will give ING employees in the Netherlands the opportunity to participate in the battle against poverty in the world.

'ING Microfinance Support' will focus on increasing access to financial services for small entrepreneurs in developing countries. The programme will support partner organisations such as Oikocredit that offer financial products to potential entrepreneurs. Local company owners will be able to build up and develop their businesses, thus improving employment and future prospects.

To achieve this, ING Netherlands will work closely with Oikocredit. Oikocredit was established in 1975 and provides loans to entrepreneurs in more than thirty developing countries in Africa, Asia, Latin America and Central and Eastern Europe. Oikocredit finances commercially viable local businesses in farming, fishing, housing and small industry. ING employees will get the opportunity to invest in the 'Oikocredit Nederland Fonds', a recognised social-ethical investment fund that will invest up to 90% in Oikocredit shares. ING employees can also put their particular know-how and expertise to work in various Oikocredit projects, for example by acting as an 'ambassador' for Oikocredit to give greater publicity to the importance of microfinance for development. Employees who are technical experts (for example in the field of product development, business planning or risk management) can also be dispatched to work with a microfinance organisation for a number of weeks.

As part of ING Microfinance Support, ING Netherlands will also work closely with the United Nations. The United Nations has declared 2005 the Year of the Microcredit. By promoting co-operation between public and private partners, the UN wants to emphasise the importance of microfinance in the battle against poverty. The Year of the Microcredit will officially be launched on 18 November 2004.

For more information please contact the ING press office: Dailah Nihot, 31 20 5416516, dailah.nihot@ing.com