26 September 2006
SHETLAND DEVELOPMENT TRUST DISBURSES £20,000 OF SURPLUSES TO COPE FOR SOCIAL ENTERPRISE PROJECT IN INDIA
Shetland Development Trust will disburse £20,000 of surpluses earned on local investments to COPE Ltd to take forward a project that offers small finance loans to villages of the Fisherman’s Panchayat of Tharagambadi – part of the Tamil Nadu area in Southern India that Shetland established links with after the Boxing Day tsunami in 2004.
The total value to the project will be £33,000 when the associated tax credit is reclaimed by COPE Ltd.
Shetland Development Trust chairman, Josie Simpson, explained: “Shetland Exchange is a voluntary group that was set up following the tsunami to establish links and offer support to the community. Following research trips by the group of volunteers, the group has identified the need for practical support to develop small businesses and regenerate the villages in the area.
“The finance scheme will provide six full time equivalent jobs and approximately 640 small loans, over a two year period, to this particularly disadvantaged area in South India. COPE Ltd, with its proven track record in setting up social enterprises in other countries, will implement the scheme with assistance from Shetland Exchange.”
Shetland Exchange Group member, Lesley Roberts, said: “Having recently been to India and seen for myself the village and the devastation that the tsunami caused, I am extremely pleased that the funds have been awarded to take this project forward.
“Such a relatively small sum of money will make a vast difference to the long-term regeneration and sustainable development of the community.”
Welcoming the Trust’s support, managing director of COPE Ltd, Frank Millsopp, said: “We are delighted we will be able to support this project which will be hugely beneficial to this extremely poor fishing community.”
Notes to Editor
Tharagambadi has a total population of 6991 made up of 1725 households, 1112 (64%) of which are Pattinavars ie fishing families. Historically it is a very poor region and this would have been the case even before the 2004 tsunami, which claimed 304 lives, flattened 1130 houses and destroyed 343 of the community’s 406 fishing boats.
The major work involved in replacing infrastructure is in progress with donations from the Tsunami Earthquake Appeal. However, there is still a significant need to regenerate the community through improved education, new skills and business development.
For further details on the micro finance project, please contact group volunteer, Linda Coutts on 01595 744943. Emma Perring can also be reached on 01595 744537 for general information on Shetland Exchange.