The Grameen Credit Agricole Microfinance Foundation (GCAMF), a Luxembourg-based investor in microfinance institutions (MFIs) and other social businesses, recently notified MicroCapital that it has disbursed a three-year, local-currency loan equivalent to EUR 482,000 (USD 609,000) to Juhudi Kilimo, a for-profit microlender in Kenya [1]. The loan is funded by the EUR 14 million (USD 19.3 million) “Take-off facility for Microfinance in Africa,” a three-year project developed by GCAMF in partnership with the French government’s Agence Française de Développement (AFD) that is intended to support MFIs in Sub-Saharan Africa through loans and technical assistance.
As of the quarter ending in June 2014, Juhudi reported to the US-based nonprofit Microfinance Information Exchange (MIX) total assets of USD 9.4 million, a gross loan portfolio of USD 6.6 million outstanding to approximately 18,000 borrowers, return on assets (ROA) of -14.47 percent and a return on equity (ROE) of -89.39 percent. Juhudi does not accept deposits.
As of December 2013, GCAMF reported total assets of EUR 50.6 million (USD 63.3 million). Since its inception in 2008 through 2013, the foundation has invested in 35 microfinance institutions (MFIs), 11 social-business projects and one fund in 22 countries.
By Nisha Koul, Research Associate
About Juhudi Kilimo Company Limited (Juhudi Kilimo): Juhudi Kilimo is a for-profit Kenyan microlender that started operations in 2004 as an initiative within the Kenyan nonprofit organization K-Rep Development Agency. It provides agricultural asset insurance, start-up capital for agribusinesses and loan products to small-scale farmers to purchase “productive” agricultural assets. As of the quarter ending in June 2014, Juhudi reported to the US-based nonprofit Microfinance Information Exchange (MIX) total assets of USD 9.4 million, a gross loan portfolio of USD 6.6 million outstanding to approximately 18,000 borrowers, return on assets (ROA) of -14.47 percent and a return on equity (ROE) of -89.39 percent. Juhudi does not accept deposits.
About Grameen Credit Agricole Microfinance Foundation (GCAMF): 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. In financing microfinance institutions (MFIs), GCAMF focuses on those that prioritize rural development, transparency, consumer protection and serving women. As of December 2013, GCAMF reported total assets of EUR 50.6 million (USD 63.3 million). Since its inception in 2008 through 2013, the foundation has invested in 35 microfinance institutions (MFIs), 11 social-business projects and one fund in 22 countries.
Sources and Additional Resources:
[1] Information provided by Grameen Credit Agricole Microfinance Foundation to MicroCapital, October 2014
MicroCapital, May 2011, Acumen Fund, Grameen Foundation Make $1.7m Quasi-Equity Investment in Kenyan Microfinance Institution Juhudi Kilimo
MicroCapital Universe Profile, Juhudi Kilimo
MicroCapital Universe Profile, Grameen Credit Agricole Microfinance Foundation (GCAMF)
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