What if someone approached you and said, “Come up with four grand and I’ll let you spend your summer fighting athletes’ foot, near-death traffic experiences and the glorious state of having ass-rash?” It might sound like an abduction or ransom situation to some. But two UBC students have willingly signed up for this.
If you’re not thinking “why,” stop reading and get your head checked out by counselling in Brock Hall—you’ve had one too many study-pills.
Biochemistry major Erin Lee and human geography major George Rahi are dedicating their time (while taking a full-course load) to raise a dollar for each kilometre they cycle across ten countries.
They’re doing this be cause they believe that a reorga nization of the world’s financial system is an imperative for a more just world.
Lee and Rahi are undertaking this project as part of the Riding to Break the Cycle fundraiser, organized by Global Agents for Change (Global AFC), a Vancou ver-based non-profit organiza tion. In 2007, Global AFC has organized a youth-led cycling journey from Vancouver to Ti juana, an event that became an annual fundraiser for the group. This year, Global AFC have cre ated a European journey, as Lee and Rahi will travel with 23 other bikers from Amsterdam to Istanbul over eight weeks. The tour aims to raise $100,000 for their microcredit fund.
Microcredit seeks to provide access to capital for those who have been locked out of formal financial institutions. The model for microcredit lending organiza tions started in the 1970s by Mo hammed Yunus in Bangladesh. A loan is given to a borrower, provided that he or she has five references from the community. Interest fees are typically lower than at traditional banks and the repayment schedule is co-drafted by the borrower and lender. If the borrower defaults, then no new loans can be made. The practice was extremely successful in em powering women, and improved their quality of life in many developing countries. Eventually, it led to Yunus being awarded the Nobel Peace Prize in 2006.
In this system, small donations are a gift that keeps on giving. Global Agents for Change continu ally recycles the loan repayments they receive into new loans to other entrepreneurs. They work with the popular online lender Kiva.org, which has a repayment rate of 98 per cent, to find entre preneurs to loan the money to.
Lee and Rahi don’t believe microcredit is a cure-all fix to inequality, but just one part of the toolkit for enacting positive social change.
“[Microcredit is] a step away from the social Dar winism of neo-liberal economics towards recognition of the insti tutional barriers that people face in overcoming poverty,” said Rahi. In this way, when micro-loan borrowers buy goods to “re duce global inequity,” they may be facilitating the process.
Since their project is also a bike ride, there will be incred ible experiences to be had including the inevitable butt-bruises, bone-tired evenings, and near-collision horror sto ries. Students can help support Erin and George’s 4000km ride from Amsterdam to Istanbul by attending the Riding to Break the Cycle Party on Friday April 3 at 6pm in Buchanan MASS Space or by viewing their blog at blogs.ubc.ca/pedalpower. html, where there is a link to donate.