Crédit Agricole Egypt (CA Egypt), a unit of France’s Crédit Agricole Group, recently partnered with the Grameen Crédit Agricole (GCA) Foundation, whose head office is Luxembourg, to provide funding to Tasaheel for Microfinance Foundation, a microfinance institution in Egypt, “in the form of a guarantee equivalent to EUR 3 million [USD 3.3 million], allowing the institution to access a loan granted by CA Egypt.” The guarantee covers 100 percent of any losses CA Egypt may experience on the loan.
Created in 2015, Tasaheel is primarily active in group lending. As of 2020, it has approximately 330,000 female and 70,000 male borrowers. Tasaheel is controlled by vehicle manufacturer Ghabbour Auto.
Established in 1960, Ghabbour distributes and manufactures vehicles as well as providing financial services. As of December 2018, the firm reported total assets of EGP 21 billion (USD 1.3 billion).
GCA Foundation was established in 2008 by Credit Agricole, a French retail bank, in partnership with Muhammad Yunus, the founder of the Grameen Bank of Bangladesh. The foundation provides funding and technical assistance to microfinance institutions and other social businesses with the aim of creating a “better-shared economy.” As of December 2019, GCA Foundation had commitments of EUR 96 million (USD 107 million) outstanding to 82 partners in 39 countries in Africa and Eurasia. These partners serve 5 million customers, of whom 75 percent are women and 74 percent live in rural areas.
Launched in 2006, CA Egypt offers corporate, private, retail and digital banking. For 2019, it reported profit of EGP 2.4 billion (USD 152 million) on assets of EGP 50.5 billion (USD 3.2 billion).
During the quarter ending December 2019, the Crédit Agricole Group netted EUR 2.3 billion (USD 2.5 billion) from gross revenue of EUR 8.4 billion (USD 9.3 billion).
Sources and Additional Resources
Direct contact with GCA Foundation
GCA Foundation press release
http://gca-foundation.org/news/The-Grameen-Credit-Agricole-Foundation-and-CA-Egypt-support-a-new-partner
Tasaheel webpage
http://www.ghabbourauto.com/GBCapital/Tasaheel.aspx
Ghabbour Auto lending webpage
http://ir.ghabbourauto.com/en/financing-businesses
Crédit Agricole Group finances
https://www.credit-agricole.com/en/finance/finance/financial-information
CA Egypt finances
https://www.ca-egypt.com/en/investor-relation/financial-information/financial-statements/financial-statement/
Did you know that MicroCapital publishes the MicroCapital Monitor newspaper each month? Find out more at http://www.microcapital.org/products-page/.
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