Omidyar Network gives Kiva $5M

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Aug 2010
San Fransisco, United States, August, 13 2010 - Omidyar Network has made a $5 million, three-year grant to Kiva.org. This grant is the largest that San Francisco-based Kiva has received since the microlender was founded in October 2005.

Redwood City-based Omidyar, which calls itself a philanthropic investment firm since it is mission-driven but is not itself a foundation or nonprofit, structured the grant so that $2 million will match online donations by other Kiva lenders made over the next two years.

Kiva will also use some of the funds to strengthen its technology platform and other infrastructure. Omidyar's vice president f investments, Amy Klement, will join Kiva's board of directors.

Kiva funds microfinance institutions in 53 countries globally. In almost five years, it has raised over $150 million to fund loans to over 390,000 entrepreneurs worldwide



 

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