The Grameen Credit Agricole Microfinance Foundation (GCAMF), a Luxembourg-based provider of financial services to microfinance institutions (MFIs) and other social businesses, recently informed MicroCapital that it has issued the following two loans: (1) EUR 825,000 (USD 936,000) to Microfund for Women, a microfinance institution (MFI) in Jordan that was founded in 1994 as a program of UK-based NGO Save the Children; and (2) EUR 1.5 million (USD 1.6 million) to Joint Stock Company Microfinance Organization Crystal (JSC MFO Crystal), an MFI that was established in Tbilisi, Georgia, in 1998 as the Crystal Fund.
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 MFIs, 11 social-business projects and one fund in 22 countries.
As of December 2013, Microfund for Women reported to the US-based nonprofit Microfinance Information Exchange (MIX) total assets of USD 51.0 million, a gross loan portfolio of USD 45.2 million, 100,507 active borrowers, and an average loan balance per borrower of USD 449.6. Microfund for Women does not accept deposits.
As of December 2013, JSC MFO Crystal reported to the US-based nonprofit MIX total assets of USD 28.6 million, a gross loan portfolio of USD 25.5 million, 27,094 active borrowers, and an average loan balance per borrower of USD 939.7. JSC MFO Crystal reported return on assets (ROA) of 5.50 percent, and return on equity (ROE) of 19.48 percent. JSC MFO Crystal does not accept deposits.
By Jacob Ferguson, Research Associate
About Microfund for Women
Microfund for Women (MFW) is a nonprofit microfinance institution in Jordan that was created in 1994 as a program of UK-based NGO Save the Children. In 1996, it began operating as an NGO named the Jordanian Women’s Development Society (JWDS). Its name was changed in 1999 to Microfund for Women (MFW). As of December 2013, Microfund for Women reported to the US-based nonprofit Microfinance Information Exchange (MIX) total assets of USD 51.0 million, a gross loan portfolio of USD 45.2 million, 100,507 active borrowers, and an average loan balance per borrower of USD 449. MFW does not accept deposits.
About JSC MFO Crystal
Previously known as the Crystal Fund, Joint Stock Company Microfinance Organization Crystal (JSC MFO Crystal) is a microfinance institution (MFI) that was established in Tbilisi, Georgia, in 1998. JSC MFO Crystal was started with the aim of reducing poverty by providing financial services to low-income citizens. It was commercialized in 2007 and registered with the National Bank of Georgia after the country’s passing of a new law on microfinance. As of December 2013, JSC MFO Crystal reported to the US-based nonprofit Microfinance Information Exchange (MIX) total assets of USD 28.6 million, a gross loan portfolio of USD 25.5 million, 27,094 active borrowers, and an average loan balance per borrower of USD 939.7. JSC MFO Crystal reported return on assets (ROA) of 5.50 percent, and return on equity (ROE) of 19.48 percent. JSC MFO Crystal 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 other social businesses. GCAMF was founded in Luxembourg in 2008 by Crédit Agricole SA, a French retail bank, and Grameen Trust, a non-profit microfinance organization affiliated with the Grameen Bank of Bangladesh. In financing microfinance institutions (MFIs), GCAMF focuses on those that prioritize rural development, transparency, consumer protection and serving women. The foundation has been 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 and Zambia. 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 directly to MicroCapital by GCAMF
MicroCapital Universe Profile: Grameen Credit Agricole Microfinance Foundation (GCAMF)
MicroCapital Universe Profile: Microfund for Women (MFW)
MicroCapital Universe Profile: JSC MFO Crystal
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