The Grameen Credit Agricole (GCA) Foundation, whose head office is in Luxembourg, recently issued a four-year loan approximately equivalent to USD 873,000 in favor of Coopérative Autonome pour le Renforcement des Initiatives Économiques par la Micro Finance (CAURIE-MF) to support its microlending in Senegal. CAURIE-MF is a savings and credit cooperative supporting the “economic and social promotion of poor micro-entrepreneurs, mainly women.” Of its borrowers, 97 percent are women and 55 percent live in rural areas.
As of 2017, CAURIE-MF reported to the US-based nonprofit Microfinance Information Exchange (MIX) total assets of USD 18.5 million, a gross loan portfolio of USD 18.5 million disbursed to 80,130 borrowers, and total deposits of USD 8.6 million held for 92,330 depositors. The institution operates 15 branches.
GCA Foundation was founded in 2008 by Credit Agricole SA, 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 September 2018, GCA Foundation has commitments of approximately EUR 77 million (USD 89 million) outstanding to 73 partners in 34 countries in Africa and Eurasia. Its partners serve 3.3 million customers, of whom 77 percent are women and 76 percent live in rural areas.
By Anuhya Tadepalli, Research Associate
Sources and Additional Resources
Direct contact with Grameen Credit Agricole Foundation
CAURIE-MF
https://caurie-mf.info
MICROCAPITAL BRIEF: Grameen Credit Agricole Microfinance Foundation (GCAMF) Invests $2.2m in Microfinance Institutions CAURIE of Senegal, Thaneakea Phum Cambodia (TPC) of Cambodia
https://www.microcapital.org/microcapital-brief-grameen-credit-agricole-microfinance-foundation-gcamf-invests-2-2m-in-microfinance-institutions-caurie-of-senegal-thaneakea-phum-cambodia-tpc-of-cambodia/
Grameen Credit Agricole Foundation homepage
http://gca-foundation.org/
Grameen Credit Agricole Foundation 2017 Annual Report
http://gca-foundation.org/data/grameen/media/documents/Grameen-Credit-Agricole-Foundation-Integrated-Annual-Report-2017-.pdf
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