MICROCAPITAL BRIEF: KMF and Bereke of Kazakhstan, Vasham of Indonesia Borrow $5.1m from Grameen Credit Agricole Microfinance Foundation

The Grameen Credit Agricole Microfinance Foundation (GCAMF), a Luxembourg-based provider of financial services primarily to microfinance institutions, recently informed MicroCapital that it has committed to extending the following local-currency loans in phases over three years: the equivalent of USD 3.9 million to KazMicroFinance LLC (KMF) of Kazakhstan, the equivalent of USD 550,000 to Bereke of Kazakhstan, and the equivalent of USD 660,000 to Vasham of Indonesia.

KMF, which offers training, individual loans and group loans, was founded in 1997 as part of a microfinance project initiated by the US Agency for International Development. As of 2015, it reported a gross loan portfolio of USD 103 million and 152,000 active borrowers served via 102 branches. Of KMF’s clients, 70 percent are women, and 74 percent live in rural areas. The institution does not accept deposits.

Bereke is a microlending organization based in northeastern Kazakhstan that began as a project of the United Nations’ Development Program before being registered as a public fund by the Ministry of Justice in 2003. Bereke’s mission is to empower women and alleviate poverty by providing microcredit to entrepreneurs. As of December 31, 2016, Bereke reported to the US nonprofit Microfinance Information Exchange (MIX) total assets of USD 4.4 million, a gross loan portfolio of USD 3.5 million and 5,000 borrowers. Bereke does not accept deposits.

Vasham is a social enterprise located in Jakarta, Indonesia, that aims to provide small-scale farmers with improved financing options, income security and sector-specific skill levels. The company was founded in 2013 and since then has served 12,500 farmers and lent USD 8 million. Further financial information on the organization is unavailable.

By Ryan Gauthier, Research Associate