Indian MFI wins Green Oscars awards

An Indian microfinance organisation based in Karnataka has won two Ashden Awards, popularly known as Green Oscars for helping poor people invest in renewable energy projects.

The Shri Kshethra Dharmasthala Rural Development Project (SKDRDP) was chosen for the International Award for Financial Innovation and this year's overall Gold Award.

The Ashden judges said: "SKDRDP is fantastic example of how ethically managed microfinance can deliver sustainable energy to the poor, demonstrating that providing consumer loans for energy makes sound social, environmental and economic sense.

"We were bowled over by the scale SKDRDP has achieved so far, along with the responsibility it takes for lending to the poor, nurturing users to take out effective loans.

SKDRDP has huge potential to expand its work even further, and to inspire many others to follow its lead."

Veerendra Heggade, President of SKDRDP, received the awards and a cash prize of 40,000 pounds from Dr Kandeh Yumkella, Director General of the United Nations Industrial Development Organisation at a glittering function held at The Royal Geographical Society here last night.

Heggade said the project was started 29 years ago and receiving the Ashden Gold Award is a great step in recognising that poor people need financial services to acquire sustainable energy assets.

"This award will redefine the scope of microcredit."

"Our effort is to convince people to save energy and go for alternative energy sources. The organisation is also supporting construction of toilets for rural people in Karnataka."

"Slowly we are tempted to go beyond the Karnataka borders as a model programme for others."

The SKDRDP promotes development through a network of 169,000 self-help-groups which now includes 1.8 million families, about 20 per cent of rural households in Karnataka.

The programme provides advice and information to help group members make long-term plans for their household needs and to save money.

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