Shared Interest News

Shared Interest 2008 Annual Report

This year, South Africa celebrates Youth Day, June 16, with new challenges, but also new optimism.  As I write, the global financial crisis is taking its toll on young people’s job opportunities – and also their dreams.  Families across the country struggle to feed, shelter and educate their children, and provide opportunities for them to thrive in a more equitable society. 
The beneficiaries of Shared Interest’s guarantees – who now number more than 1.800,000 black South Africans — are also on the front lines.  Across the country, they are grappling with food prices that soared last year.  Construction costs, which climbed with the price of fuel, have not declined significantly.  With rising unemployment, more youth are looking for jobs to contribute to their families’ income, and have to look harder.   Banks are increasingly reluctant to lend, and require more encouragement and enhancements than they did the year before.
In this climate, Shared Interest and Thembani are working flat out  – with no increase in staff – to unlock credit for small businesses, new homes and viable rural communities.  We continue to streamline our operations and collaborate with other organizations to supply South African microfinance institutions, cooperatives and community enterprises with access to capital and technical assistance. 
The hard-won results speak for themselves.  On the front cover of our  2008 Annual Report, you will see a story that will not make the front page of tomorrow’s newspapers:  Two former school principals, Phildah Modjadji and Salome Mondlane, display the Female Farmer of the Year award.  They won the honor for their leadership of the fruit and vegetable growing and dehydration project, Diretsogetse, whose name was chosen by their former pupils — the community’s youth.  It means “opportunities have come up for us.”
We invite you to celebrate the victories you have helped us win during 2008. 
This year more than ever, we look forward to your continuing partnership and support.  As Nelson Mandela reminds us:
 

      Like slavery and apartheid, poverty is not natural.  It is people who have made poverty and tolerated poverty, and it is people who will overcome it.

Donna Katzin

Executive Director

 Shared Interest 2008 Annual Report