The 
Grameen Credit Agricole (GCA) Foundation, whose head office is in Luxembourg, has informed MicroCapital that it is disbursing loans to: (1) Agency for Finance in Kosovo (AFK) in the amount of EUR 1.5 million (USD 1.8 million); (2) Moldova-based Microinvest in local currency approximately equivalent to USD 1.7 million; and (3) Montenegro-based Monte Credit in the amount of EUR 1 million (USD 1.2 million).
AFK is a non-banking finance institution based in the city of Peja that aims to improve living standards in Kosovo by providing financial services to small businesses and microenterprises. As of 2021, the microlender reported a gross loan portfolio of EUR 35.9 million (USD 42.6 million) outstanding to approximately 19,300 customers, which it serves via 20 branches. The organization does not accept deposits.
Microinvest, which is majority held by the Balkan Financial Sector Equity Fund, offers collateral-based and collateral-free loans for business, agriculture, housing, vehicles and consumption. These loans range in size from MDL 2,000 (USD 120) to MDL 4 million (USD 240,000), with terms of 3 months to 7 years. Microinvest has a portfolio of MDL 1.9 billion (USD 114 million) outstanding to 35,000 clients as of 2020. About two thirds of these customers live in rural areas, and the ratio of men to women is about even.
Monte Credit is a non-banking financial institution controlled by UK-based NGO VisionFund, which offers microfinance in 32 countries for World Vision, a US-based Christian relief and development organization. As of September 2021, Monte Credit reports a gross loan portfolio of EUR 7.3 million (USD 8.67 million) and approximately 4,400 customers served, of which 54 percent are women. The institution does not accept deposits.
Credit Agricole, a French retail bank, in partnership with Muhammad Yunus, the founder of Grameen Bank, established GCA Foundation in 2008. The organization seeks to reduce poverty by providing funding and technical assistance to microfinance institutions and other social businesses. As of July 2021, GCA Foundation has a portfolio of EUR 81 million (USD 96 million) outstanding to 88 partners in 37 countries in Africa and Eurasia. Approximately 85 percent of its investees’ clients live in rural areas, and 73 percent are women.
By Harriet Ritchie, Research Associate
Sources and Additional Resources
Direct contact with GCA Foundation
CGA Foundation press release
https://www.gca-foundation.org/en/media-room/#the-foundation-grants-seven-new-loans-in-eastern-europe-and-central-asia
AFK homepage
https://afkonline.org/
GCA profile on AFK
https://www.gca-foundation.org/en/organisation/afk-2/
Microinvest homepage
https://microinvest.md
GCA profile on Microinvest
https://www.gca-foundation.org/en/organisation/microinvest-2/
Monte Credit homepage
https://montecredit.me/
GCA profile on Monte Credit
https://www.gca-foundation.org/en/organisation/monte-credit-2/
VisionFund homepage
https://www.visionfund.org/
World Vision homepage
https://www.worldvision.org/
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