VanCity launches international community deposit

VanCity Credit Union has unveiled a new deposit program that permits individuals and institutions to invest their dollars in projects that help low-income and marginalized communities around the world.

Believed to be the first program of its kind in Canada, the concept is called International Community Investment Deposits (ICID). The program is based on the Community Investment Deposit (CID) program in place at the credit union since 1995. Under the CID program, depositors can make guaranteed deposits that become part of a pool invested by the credit union local economic development projects.

Under the ICID program, these deposits are placed in a pool that is invested with non-profit community lenders around the world. The money is used to finance projects in microcredit, affordable housing, small business, community development and cooperatives and credit unions.

ICIDs are available in amounts of $1,000 or higher, in terms from one or three years at interest rates from 0 to 3 per cent. They are also RRSP eligible.

For the initial launch of the program, the following organizations have been chosen to act as community lenders: Canadian Cooperative association, Mennonite Economic Development Associates, OikoCredit (formerly Ecumenical Development Cooperative Society), Foundation for International Community Assistance, ACCION Latin Bridge Fund, Womens World Banking Columbia and Nitilpan.

The program is open to both individuals and institutions. ICID organizers believe the program will be of great interest to Non-Governmental Organizations (NGOs) interested in investing their core assets in international development.

For more information, contact VanCity at 604-877-7612. Investors who are not members of VanCity will be able to invest in the fund through Citizens Bank, starting in mid-June, at  888-708-7800

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