World Relief, World Relief Canada and Hope International Partner With Opportunity International to Open Microfinance Bank for Rwanda's Poor

Urwego Opportunity Microfinance Bank first-ever bank merger in Rwanda; Will offer savings accounts, financial services to poor KIGALI, Rwanda, Aug. /PRNewswire/ -- The world's leading Christianorganizations supplying microfinance and microenterprise development to thepoorest of the working poor today announced a historic partnership bymerging operations in Rwanda to open a microfinance bank for the poor in acountry that is making steady progress and often great strides inrebuilding and reunification. The Urwego Opportunity Microfinance Bank (UOMB) of Rwanda,headquartered in the central district of Kigali, will open a new bankinghall using state of the art technology in early fall. The combinedoperation has offices in 27 of the 30 districts in Rwanda, more than 28,000loan clients and over 3,000 savings clients. UOMB has $4.5 million inequity capital and a loan portfolio of $1.7 million. The partnership includes World Relief, a Baltimore-based agency thatspecializes in rebuilding communities in the aftermath of war or naturaldisaster. World Relief has operated Urwego Community Banking, the first andlargest microfinance institution in Rwanda, since 1997. World Relief Canadaand HOPE International have been financial partners in Urwego for severalyears. "Microfinance has played a key role in building peace andreconciliation through trade as Rwanda continues to recover from thehorrors of the genocide," said Sammy Mah, president of World Relief. "Tenyears ago, while others focused on relief work, we led with microfinanceactivities believing that was the best way to overcome poverty, instabilityand conflict in Rwanda." Opportunity International is the final leg in the partnership, bringingfinancial and technology expertise in the operation of the new bank. Overthe next 12 to 18 months, UOMB expects to further expand banking operationsacross the country using innovative technologies to enable poor Rwandanseasy access to safe and secure financial transactions. Savings a critical component to economic growth, says Rwanda chief ofstaff Dr. Ephraim Kabaija, former chief of staff to President of Rwanda PaulKagame and currently the President's advisor on rural development,explained the critical need for a bank that offers savings accounts to theRwandan people. "Do you know how many children die in our country everyyear because their mothers cannot afford the $2 - $10 needed to buymedicines to treat diarrhea, fever, malaria and other common illnesses? Doyou appreciate how much angst, misery and despair we could eliminate fromour country if every family had $50 in a savings account?" Dr. Kabaija said that in Rwanda's agriculture-based economy, mostfamilies grow cash crops and earn about $225 annually. "By making savingmoney more convenient and attractive, you will be the answer to manyprayers," he stated. He also explained the benefits of transforming Rwanda from a cash-basedto a savings-based economy. "We have studied new industrial economies inSoutheast Asia -- South Korea, Taiwan, Singapore and Hong Kong. Early intheir development, they moved to a savings-led economy and today they havesome of the highest individual savings rates in the world. TransformingRwanda to a savings culture will not only provide a cushion for familiesand communities, but it will mobilize the capital of our people so it canbe reinvested in businesses and municipal works and make us less dependenton the outside capital of others," Dr. Kabaija said. Opportunity International has opened 17 microfinance banks since 2000offering not just loans, but a wide range of financial services, includingsavings and insurance. In most countries where Opportunity has opened amicrofinance bank, it is the first time that the poor have had the chanceto put their money in an interest-bearing savings account. Laurie Cook, CEO of World Relief Canada, said, "We believe thatproviding financial services to those who are entrenched in poverty isactually a matter of justice and an imperative for those of us who areblessed with more than our share of resources. What is being provided withthis new venture is the opportunity for many to reach the first rung on theladder." Peter Greer, president of HOPE International, said, "The need in Rwandais significant. However, microfinance has proven to be an effective toolfor addressing both physical and spiritual poverty in this country, andHOPE International is excited about the possibilities for the future ofUOMB. This partnership has contributed to strength and growth for Urwego inthe past, and the current merger to form UOMB will further enhance theseefforts." Dale Dawson's dream for a bank in Rwanda Ironically, this unique partnership did not begin in any of thepartnering organizations, but with the dream of a former investment bankerfrom Little Rock, Ark. Dale Dawson, a dedicated volunteer who today ischairman of the Opportunity International President's Council, met BishopJohn Rucyahana, a leading Anglican minister who has been working tirelesslyon reunification of the Rwandan people since the genocide of 1994. "I was supporting Bishop John's work at the Sonrise School in Rwandaand I asked him what else I could do to help," Dawson explained. "Hequickly told me that, while his school for orphans could provide superioreducation and business training, unless Rwanda had a better economy toprovide career opportunities, his students would leave after graduation forAmerica or Europe." In 2004, Dawson was introduced to Opportunity International. He askedPresident and CEO Christopher A. Crane what it would take to open afinancial institution in Rwanda. Crane told him it would require severalmillion dollars in donations to staff and build the bank, and to meet theminimum equity required by Rwanda's Central Bank. Dawson responded, "Howsoon can I start?" He immediately began working with the fundraising team at OpportunityInternational. Dawson also visited his business friends and, using all theskills from his career, helped raise several million dollars -- in 90 days. During this time, Dawson was encouraged by friend and businessassociate Dabbs Cavin, a banker from Little Rock. In fact, Cavin joinedOpportunity in Rwanda, where he has been preparing for the bank opening,recruiting and training senior management staff for the last two years. Hewas instrumental in creating the merger and is CEO of UOMB. Dawson, a member of the UOMB board of directors, expects that themicrofinance bank will be a powerful catalyst for development in Rwanda."We believe we can be a facilitator for other businesses and industriesthat are looking to invest here, and have hosted dozens of organizationsalready. We plan to be a contributing force and an institution that lastsforever in Rwanda," he said. World Relief World Relief works with local churches worldwide to serve the poor andvulnerable through microfinance, disaster response, refugee resettlement,trafficking victim protection, food security, child development, maternaland child health and HIV/AIDS prevention and care. World Relief helpsanyone in need, regardless of religion. World Relief Canada World Relief Canada is an international relief and developmentorganization, which partners with Christian networks in approximately 20countries around the world. Assistance is provided to individuals andcommunities in need, regardless of race or spiritual beliefs with theintent of cultivating hope and enabling sustainable community growth. HOPE International (HOPE) HOPE International is a global, faith-based, non-profit organizationfocused on poverty alleviation through microenterprise development. HOPEserves people living in Afghanistan, China, the Dominican Republic, theDemocratic Republic of Congo, Haiti, Moldova, Romania, Russia, Rwanda,South Asia, and Ukraine. HOPE's vision is to enable sustainable economicdevelopment that results in significant and lasting change, temporal andeternal, in the lives of many people living in poverty. About Opportunity International Opportunity International is committed to solving global poverty.Serving over one million poor entrepreneurs in 28 developing countries,Opportunity International is a pioneer in offering small business loans,savings, insurance and training in basic business practices to women andmen living in chronic poverty. Founded in 1971 as one of the firstmicrocredit lenders, Opportunity International provides small loans --sometimes as little as $50 -- and other services that allow poorentrepreneurs to start or expand a business, develop a steady income,provide for their families and create jobs for their neighbors. OpportunityInternational is motivated by Jesus Christ's call to serve the poor andmaintains a network of offices across the globe, with U.S. offices in OakBrook, Ill. and San Diego. For more information, visithttp://www.opportunity.org.