BISWA microfinance raises Rs. 10 crore from SNS Water Fund | Microfinance News
BISWA microfinance raises Rs. 10 crore from SNS Water Fund
* Thursday, August 27, 2009, 23:15
* Featured News, Investments
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SNS managementMicrofinance Focus, Aug. 27, 2009: Orissa-based BISWA (Bharat Integrated Social Welfare Agency) has raised Rs 10 crore from SNS Water Fund, an initiative by the Dutch-based SNS Group, to provide microfinance loans for installation of individual household toilet and drinking water.
Mr K.C. Malick, Chairman of the Sambalpur-based microfinance institution informed Microfinance Focus that the target groups will be both urban slum-dwellers and rural poor. The loans will be distributed mainly to provide water and sanitation through BISWA instead of making them dependent on government projects, he said.
“The provision of safe drinking water with a toilet at the household will make the people reduce their vulnerability to health hazards and in turn reduce their expenditure on health care, the saving of which will increase their capital creation and will ultimately help in poverty reduction on a sustainable basis in a business model rather than depnding upon the government.” said Mr Malick.
The amount will help the MFI to provide one million toilets with safe drinking water to the peopole and create one million employment opportunities by March 31, 2011, said Mr Malick. BISWA’s future plans include distributing Rs.5,600 millioin in microFinance during 2009-10 in Orissa and neighbouring Chattisgarh and Bihar where it is working.
The SNS Water Fund was created in 2005 by the SNS REAAL Group to invest in international water projects in Africa, Asia and Eastern Europe, targeting drinking water supply, sanitation, water purification and irrigation.
Earlier this month, Bangalore-based Grameen Koota raised Rs. 1.34 crore from Water.Org for a similar project in Tumkur, Karanataka early this month.