The Grameen Credit Agricole (GCA) Foundation, whose head office is in Luxembourg, has issued a loan in local currency approximately equivalent to USD 970,000 to Salym Finance, a microfinance institution in Kyrgyzstan. Founded in 2007 with the brand name Credit Systems, Salym took on its new name in 2011. The institution is headquartered in Bishkek and provides loans for housing, business and agriculture via 18 offices. As of 2019, Salym has a loan portfolio of EUR 16.5 million (USD 18 million) and 12,500 active clients. Of these, 74 percent live in rural areas and 53 percent are women.
GCA Foundation was launched in 2008 by the directors of Credit Agricole, a French retail bank, and 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 promoting financial inclusion and social entrepreneurship. As of May 2019, GCA Foundation has a portfolio of EUR 82.2 million (USD 92.4 million). It supports 81 partners in 38 countries in Africa and Eurasia. These partners serve approximately 4.1 million customers, of whom 74 percent are women and 75 percent live in rural areas.
By Anuhya Tadepalli, Research Associate
Sources and Additional Resources
GCA Foundation press release
http://gca-foundation.org/news/The-Foundation-supports-three-new-partners
Salym homepage
http://en.salymfinance.kg/
Luxembourg Microfinance Development Fund profile on Salym Finance
https://www.lmdf.lu/en/private-investors/portfolio/?project=salym-finance-kyrgyzstan&id=11572
Microfinance Information Exchange profile on Salym Finance
https://www.themix.org/mixmarket/profiles/salym-finance
GCA Foundation homepage
http://gca-foundation.org/
GCA Foundation 2018 Annual Report
http://gca-foundation.org/news/The-Foundation-publishes-its-2018-Integrated-Annual-Report
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