Through this loan, Calvert Foundation investors will enable EMW to provide basic services such as healthcare, clean water and education, without relying exclusively on philanthropy.
Bethesda, MD (PRWEB) March 22, 2012
Calvert Foundation is proud to announce a loan of $500,000 to East Meets West (EMW), an international organization working to improve the standard of living for low-income populations in Vietnam and other parts of Asia. Through this loan, Calvert Foundation investors will enable EMW to provide basic services such as healthcare, clean water and education, without relying exclusively on philanthropy.
“The loan will leverage our programmatic work in South Asia and South East Asia,” said EMW President John Anner. “Using our output-based aid model, the additional capital will increase our capacity to serve more disadvantaged people in these regions.”
Output-based aid is a model in which donors make gifts based on the successful outcome of a specific program. For example, EMW plans to use the Calvert Foundation loan to pre-fund an education program that enables disadvantaged youth in Vietnam to get a high-school level education. As this program meets pre-determined goals related to student success, donors make contributions to EMW, allowing the organization to repay its loan and fund additional programs.
East Meets West has a nearly 25-year track record of implementing high-impact programs in healthcare, clean water and education for disadvantaged populations in Asia. Their clean water systems have brought access to safe water to 350,000 people in rural areas, the multi-year scholarship program serves 11,000 low-income students, and the neonatal care program now reaches over 280 medical facilities treating 50,000 newborns every year.
According to Lisa Hall, President and CEO of Calvert Foundation, "We are so excited to support the work of East Meets West and improve the lives of young people who would otherwise not have an opportunity to attend school. This is also the first time that Calvert Foundation's investors have financed the innovative output-based aid model, which I think shows a lot of promise and increases the chances of programmatic success."
Calvert Foundation has a solid history of lending to nonprofits, microcredit organizations, and social enterprises, and currently has loans out to over 200 organizations. Over its 16-year history, Calvert Foundation's loan program has a repayment rate of over 99 percent, and has created hundreds of thousands of jobs worldwide, built over 20,000 affordable or transitional housing units, and financed the development of thousands of community facilities and programs such as charter schools and healthcare centers.
About Calvert Foundation: Calvert Foundation is a nonprofit organization that provides the opportunity for investors to achieve financial returns while empowering people living in low-income communities around the world. Calvert Foundation believes in creating a win-win, improving both the lives of those who receive investment dollars and the lives of investors. A pioneer in the impact investment field, Calvert Foundation investors have created thousands of jobs, homes, and businesses for low-income communities their investment in the Community Investment Note. Learn more at http://www.calvertfoundation.org.
EDITOR’S NOTE: Calvert Foundation is a separate entity from Calvert Investments Inc. and its products should not be confused with any Calvert Investments-sponsored investment product. In order to avoid confusion and be consistent when referring to Calvert Foundation in print news stories, always use “Calvert Foundation” as opposed to “Calvert” in headlines and subheads.