The Luxembourg-based Grameen Credit Agricole Microfinance Foundation (GCAMF), which provides financial services to “social businesses,” recently informed MicroCapital that it has provided a three-year loan of EUR 1.5 million (USD 2.05 million) to Angkor Mikroheranhvatho Kampuchea Company Limited (AMK), a microfinance institution located in Cambodia. The foundation also has made an investment of EUR 400,000 (USD 546,000) in the Arab Center for Agricultural Development (ACAD), a nonprofit, non-governmental microlender in Palestine, in exchange for an equity stake of undisclosed size.
AMK provides loans primarily to women working in the agricultural sector in rural areas of the country. AMK also offers money transfer and deposit services. As of April 2014, AMK has 27 branches, a loan portfolio of USD 84.03 million and a voluntary savings balance of USD 24.07 million. The institution has return on assets (ROA) of 2.8 percent and return on equity (ROE) of 13.8 percent as of April 2014. As of 2012, AMK has approximately 325,000 active clients including approximately 292,000 borrowers and 33,000 depositors.
ACAD provides loans to small-scale farmers and microenterprises and offers Islamic loans as well as support services including training and “community empowerment”[2]. Islamic finance is designed to comply with Islamic law, the Shariah, which bars practices such as the charging of interest, by using concepts such as joint venture and profit sharing. ACAD also provides “loans and technical assistance to 22 savings and credit cooperatives”[2]. As of 2013, ACAD has seven branches, a portfolio of USD 5.3 million and approximately 3,300 active customers.
By Alíz Crowley, Research Associate
About Angkor Mikroheranhvatho Kampuchea
Angkor Mikroheranhvatho Kampuchea (AMK) is a microfinance institution (MFI) located in Cambodia. It was originally founded in 1999 by Concern Worldwide, a charitable organization located in Ireland. It became an independent company in 2003 and was licensed as an MFI in 2004. AMK was granted a deposit-taking license in February of 2010. As of June 2013, it reported assets of USD 68 million. As of April 2014, AMK has 27 branches, a loan portfolio of USD 84.03 million and a voluntary savings balance of USD 24.07 million. The institution has return on assets (ROA) of 2.8 percent and return on equity (ROE) of 13.8 percent as of April 2014. As of 2012, AMK has approximately 325,000 active clients including approximately 292,000 borrowers and 33,000 depositors.
About Arab Center for Agricultural Development
The Arab Center for Agricultural Development (ACAD) is a nonprofit, non-governmental microfinance institution that was established in Palestine in 1988. ACAD provides loans to small-scale farmers and microenterprises, offers Islamic loans as well as support services to borrowers including training and “community empowerment.” Islamic finance is designed to comply with Islamic law, the Shariah, which bars practices such as the charging of interest, by using concepts such as joint venture and profit sharing. ACAD also provides “loans and technical assistance to 22 savings and credit cooperatives.” The institution does not accept deposits. As of 2013, ACAD has seven branches, a portfolio of USD 5.3 million and approximately 3,300 active customers.
About Grameen Credit Agricole Microfinance Foundation
The Grameen Credit Agricole Microfinance Foundation (GCAMF) provides financial services to microfinance institutions (MFIs) and social business projects. GCAMF was founded in Luxembourg in 2008 by Crédit Agricole SA, a French retail bank, and Grameen Trust, a nonprofit microfinance organization affiliated with Grameen Bank of Bangladesh. The foundation offers financing products to microfinance institutions (MFIs), focusing on MFIs that prioritize rural development, transparency, consumer protection and serving women. As of December 2012, the foundation reported total assets of EUR 51.1 million (USD 70.3 million). As of December 31, 2013, the foundation has invested in 31 microfinance institutions (MFIs), 10 social-business projects and one fund in 21 countries since its inception in 2008. The foundation was active in Azerbaijan, Bangladesh, Benin, Burkina Faso, Cambodia, Cameroon, Democratic Republic of Congo, France, Indonesia, Kenya, Kosovo, Madagascar, Mali, Palestine, Philippines, Senegal, Sri Lanka, Tajikistan, Timor Leste, Togo, Zambia in 2013.
Sources and Additional Resources
[1] Grameen Credit Agricole Microfinance Foundation, New Investment for AMK
[2] Grameen Credit Agricole Microfinance Foundation, The Foundation Enters the Capital of ACAD
MicroCapital, April 11, 2014, Grameen Credit Agricole Microfinance Foundation (GCAMF) Lends $4m to Arvand of Tajikistan, Bina Artha Ventura of Indonesia, Thaneakea Phum of Cambodia
MicroCapital, April 1, 2014, Grameen Credit Agricole Microfinance Foundation (GCAMF) Lends $220k to PAIDEK of the Democratic Republic of Congo, $210k to COOPEC SIFA of Togo
MicroCapital, March 4, 2014, Silatech, PlaNet Finance to Support Youth Entrepreneurship in Egypt, Lebanon, Palestine
MicroCapital, December 15, 2013, Grameen Credit Agricole Microfinance Foundation (GCAMF) Disburses $157k of $315k in Loans to Association Inter Instituts Ensemble et Avec (ASIENA) in Burkina Faso
MicroCapital, October 8, 2013, Arab Centre for Agricultural Development, European Investment Bank, Grameen Credit Agricole Microfinance Foundation, Solidarite Internationale Pour Le Development et L’investment, Triple Jump Sign $5.3m Agreement to Support Microfinance in Palestine
MicroCapital, October 28, 2011, Angkor Mikroheranhvatho Kampuchea Company Limited (AMK) of Cambodia Wins Second Giordano Dell’Amore Microfinance Best Practices International Award
MicroCapital Universe Profile: Angkor Mikroheranhvatho Kampuchea Company Limited
MicroCapital Universe Profile: Arab Center for Agricultural Development
MicroCapital Universe Profile: Grameen Credit Agricole Microfinance Foundation
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