World Vision Serbia/Montenegro's microfinance institution, AgroInvest was recently recognised for its original and innovative village association lending model and practical integration of microfinance and non-microfinance activities, as well as its commitment to social performance management.
"We are honoured to receive this recognition for innovation in the field of microfinance. We believe poverty will not be eliminated by microfinance alone," said Kyhl Amosson, National Director of World Vision Serbia/Montenegro. "MFIs [microfinance institutions] need integration and partners that can address the non-economic dimensions of poverty if we are to ever succeed in defeating it."
AgroInvest has helped more than 33,000 families living in poverty in Serbia and Montenegro, particularly in rural areas, by giving them access to quality financial services and helping them increase their incomes, and raising their quality of life.
In 2004, World Vision introduced its social development programme, called Happy Child, set up to serve children's educational and health needs in the villages. Until today, World Vision Serbia/Montenegro has impacted around 25,000 children through more than 400 projects, in over 200 villages in Serbia and in Montenegro.
Last year, World Vision launched a programme to support the Orthodox Church, as part of its integrated approach to development. By taking a holistic approach to fighting poverty in its broadest sense, over 20,000 children will benefit from this supportive programme executed by the church to provide religious education in primary schools in Serbia over the next few years.
The Award for Innovation was given by The Microfinance Centre for Central & Eastern Europe and the Newly Independent States (MFC).
AgroInvest's model, described as "original, inventive and replicable village association lending model" by the Microfinance Council (MFC), is child-focused, community-based, and completely self-funded from revenue generated by the microfinance institution.
AgroInvest has been a member of the MFC Social Performance Management (SPM) Working Group and SPM Task force since 2006. The SPM network pulls together the world's socially responsible organisations that are willing to work transparently.
This is the third recognition received by World Vision Serbia/Montenegro in the past six months. In December 2007, US business magazine Forbes ranked AgroInvest number 22 best MFI in a list of 641 around the world. Also, in this year's World Vision International's Promising Practices Competition, World Vision Serbia/Montenegro's model was selected as one of the twelve finalists from among 273 entrants.
