Emmaus Ethical Fund
We can only build a world based on solidarity if wealth is shared equally. That´s why Emmaus International campaigns for an alternative, social economy to fight against the financialisaton and privatisation of commonly held resources. The Emmaus Ethical Fund was launched in 2007 for this reason.
The Emmaus Ethical Fund (EEF) aims to put the savings of Emmaus groups to good use by supporting solidarity economy projects of organisations that do not have access to the traditional banking system throughout the world. Thanks to these savings, it can guarantee bank loans or lend funds directly to these organisations, thereby fostering an ethical approach to credit for non-profit economic and social activities.
Loans, as an alternative form of solidarity
In addition to the usual funding for Emmaus International’s solidarity programmes, the EEF, as a loan-based programme, reinforces the movement´s attempts to instil a new attitude and move towards self-sufficiency by means of borrowers assuming responsibility, whilst also receiving support. The EEF demonstrates the Emmaus movement’s ability to mobilise and pool the financial resources available to its groups, by providing access to credit to enable the development of solidarity economy initiatives worldwide. This fund is a response to more global issues related to the need to fight for a truly ethical and solidarity-based economy and for ethical finance. It provides access to credit for all Emmaus groups through a global mutual fund.
How the EEF works and its purpose
The fund is financed by voluntary financial contributions from Emmaus groups around the world. These contributions form a pool of funds used for 4 different purposes:
- Guarantee of bank loans to support the development of solidarity economy activities and to finance infrastructure
- Direct loans to support the development of solidarity economy activities and to finance infrastructure
- Loans as a cash bridge pending receipt of grants or other resources
- Support for the Emmaus groups’ micro-credit initiatives through medium-term financial contributions