The Grameen Crédit Agricole (GCA) Foundation, which is headquartered in Luxembourg, has reported issuing a loan of EUR 1.9 million (USD 1.9 million) to the microfinance institution (MFI) Mikra of Bosnia and Herzegovina. Mikra, whose head office is in the city of Sarajevo, seeks to reduce poverty through entrepreneurship by delivering “financial services to the poorest but economically active populations.” The microlender has 15,000 clients – mostly rural women – and reports a loan portfolio of EUR 17 million (USD 17 million).
Crédit Agricole, a French retail bank, in partnership with Muhammad Yunus, the founder of Grameen Bank of Bangladesh, 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 2022, it manages assets valued at EUR 89 million (USD 89 million) outstanding to 75 partners in 36 countries in Africa and Eurasia. These partners’ beneficiaries are mainly women living in rural areas.
Crédit Agricole was established in 1885 to provide agricultural loans in France. As of December 2021, it serves 53 million people in 47 countries. As of March 2022, it values its assets under management at EUR 2.6 trillion (USD 2.6 trillion).
By Renata Samadova, Research Associate
Sources and Additional Resources
GCA Foundation press release
https://www.gca-foundation.org/en/media-room/#the-foundation-is-pursuing-its-activity-in-eastern-europe
Mikra homepage
https://mikra.ba
GCA Foundation profile on Mikra
https://www.gca-foundation.org/en/organisation/mikra-2/
Previous MicroCapital article on GCA Foundation
https://www.microcapital.org/microcapital-brief-grameen-credit-agricole-lends-1-2m-to-microfinance-institution-microinvest-of-moldova/
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