As we approach the end of 2007, it is important to evaluate the work we have done this year. The NICA Fund had another successful year, increasing by over $1.5 million. WCCN also published a study on the social impact of microfinance in Nicaragua.
This year, WCCN started a Program Related Investments (PRIs) pilot project. PRIs are small loans from WCCN using a portion of its institutional equity, as decided by its Board of Directors on an annual basis. These go to organizations with financially sound practices, but that, given their current size and level of sophistication, might be considered higher-risk in a typical market-driven loan fund. Ideally, PRIs will help scale up the capacity of these organizations, and some will eventually become NICA Fund partners. Two cooperatives were selected to participate in the first cycle of this new program. The first was the Central de Cooperativas Cafetaleras del Norte (CECOCAFEN), a second-tier fair-trade coffee cooperative in Matagalpa. WCCN approved a $65,000 loan to it. The second was the women’s cooperative Mano a Mano from the remote town of Waslala, which received a $25,000 loan.
This year, WCCN’s Women’s Empowerment Project helped to facilitate the purchase of six manzanas (10.38 acres) of land that will benefit a group of women in empowerment projects with the Rural Women’s Committee in a community near León. Additionally, WCCN facilitated a partnership between Fundación Entre Mujeres (La FEM) and Just Coffee, a fair-trade coffee company based in Madison that now sells their coffee. This year, WCCN also started a scholarship program that supports 19 young women from the rural community of Malpaisillo who are in empowerment programs with the Xochilt-Acalt Women’s Center. Finally, WCCN is conducting a study that surveyed 350 women in rural areas of Malpaisillo to learn about the relationship between land ownership and domestic violence. The findings will be published in 2008.
WCCN expanded its relationship with the housing organization Habitar, increasing the size of a rotating fund for housing improvements in poor neighborhoods of Managua. The fund is now up to $15,000. Additionally, emergency relief money collected by WCCN to support victims of Hurricane Felix was channeled through Habitar for housing reconstruction projects for the Miskito community of Auhya Pihni, near Bilwi, on the Northern Atlantic Coast of Nicaragua.
Thank you for continuing to support WCCN over the years and partnering with us to improve the quality of life of thousands of Nicaraguans. Your commitment inspires us to improve our everyday work.
In solidarity,
Carlos Arenas
Executive Director of WCCN
