Orbayu Foundation
La Orbayu Foundation - whose board includes representatives from Aviva, the leading supplier of life and pensions products in Europe, and ESIC and missionaries from the Congregation of the Sacred Heart of Jesus (SCJ) - aims to encourage economic and social development in some of the poorest areas of South America by granting micro loans.
In the words of Ignacio Izquierdo, managing director of Aviva in Spain, “this project requires the commitment and involvement of everyone, which is why working together with trusted institutions such as ESIC and SHJ is something we value very positively.” Experience has shown that donations are key, but so also are talent and knowledge channelled into initiatives created to improve the economic and social circumstances of disadvantaged people.
ESIC director general Simón Reyes Martínez Córdova commented “by setting up this foundation, we are trying to make ESIC students aware of the reality of the third world. We are also trying to promote a business vocation amongst university students by encouraging them to set up companies that contribute to the development of Ecuadorean society and promoting a culture of respect for moral values and of rationality in business.”
What are micro loans?
Micro loans are small loans to people living in poverty who are unable to access credit granted by traditional banks. Micro loans mean that many people without resources, especially in developing countries, are able to finance their own employment projects that provide an income for them.
How did this initiative come about?
- At the moment there are over 1.35 billion people living in extreme poverty with less than $1 a day to live on.
- 1.05 billion suffer from hunger, of which 805 million are in the third world.
- 1 billion people in the world are illiterate.
- Women account for 70% of agricultural workers and produce 90% of primary foodstuffs but own only 2% of the land.
For more information:
Please visit www.orbayu.org
Juan Pablo Arrieta
Communications Director, ESIC
91 452 41 08
juanpablo.arrieta@esic.es
www.esic.es
Laura Villuendas
Media relations, Aviva
91 297 18 17
laura.villuendas@aviva.es
www.aviva.es
