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 the first half of a three-year loan of EUR 229,000 (USD 315,000) to Association Inter Instituts Ensemble et Avec (ASIENA), an association of religious congregations that provides entrepreneurship support, mutual health insurance and other forms of microfinance services to its members [1].
The loan has been provided under the GCAMF project “Take-off Facility for Microfinance in Africa,” which was developed with support from the French development agency Agence Francaise de Developpement (AFD) with the aim of strengthening MFIs in Sub-Saharan Africa through loans and technical assistance. Under the project, GCAMF has previously invested in two microfinance organizations, one each in Benin and Senegal.
ASIENA, created with support from French NGO Comité Catholique contre la Faim et pour le Développement (CCFD), gets financial and technical support from Solidarité Internationale pour le Développement et l’Investissement (SIDI), another French NGO. As of 2012, ASIENA reported to the US-based nonprofit Microfinance Information Exchange (MIX) a gross loan portfolio of USD 1.6 million, 11,300 borrowers, deposits of USD 957,000 and 683 depositors.
As of December 2012, GCAMF reports total assets of USD 67.9 million.
By Nisha Koul, Research Associate
About Association Inter Instituts Ensemble et Avec (ASIENA): The Association Inter Instituts Ensemble et Avec (ASIENA) was created in Burkina Faso by 33 “religious congregations” in 2002 with support from French NGO Comité Catholique contre la Faim et pour le Développement (CCFD). ASIENA provides entrepreneurship support, mutual health insurance and other forms of microfinance services to its members. French NGO Solidarité Internationale pour le Développement et l’Investissement (SIDI) is among the institution’s current supporters. As of 2012, ASIENA reported to the US-based nonprofit Microfinance Information Exchange (MIX) a gross loan portfolio of USD 1.6 million, 11,300 borrowers, deposits of USD 957,000 and 683 depositors.
About Grameen Credit Agricole Microfinance Foundation (GCAMF): The Grameen Credit Agricole Microfinance Foundation (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. GCAMF offers financing products to microfinance institutions (MFIs), focusing on MFIs that prioritize rural development, transparency, consumer protection and serving women. As of December 2012, GCAMF reports total assets of USD 67.9 million.
Sources and Additional Resources:
[1] Information provided to MicroCapital by Grameen Credit Agricole Microfinance Foundation, December 2013.
MicroCapital Story, November 5, 2013, “Grameen Credit Agricole Microfinance Foundation (GCAMF) Disburses $515k of $872k in Loans to Mec Fadec of Senegal, Réseau National des Caisses Villageoises d’Épargne et de Crédit Autogérées (RENACA) of Benin,” https://www.microcapital.org/microcapital-brief-grameen-credit-agricole-microfinance-foundation-gcamf-disburses-515k-of-872k-in-loans-to-mec-fadec-of-senegal-reseau-national-des-caisses-villageoises-depargne-et-de-credit/
MicroCapital Story, May 23, 2013, “Grameen Credit Agricole Microfinance Foundation (GCAMF) Disburses Tranches of $1.8m in Loans to African Microfinance Institutions GRAINE of Burkina Faso, CAURIE of Senegal,” https://www.microcapital.org/microcapital-brief-grameen-credit-agricole-microfinance-foundation-gcamf-disburses-tranches-of-1-8m-in-loans-to-african-microfinance-institutions-graine-of-burkina-faso-caurie-of-senegal/
MicroCapital Story, March 15, 2013, “Agence Francaise de Developpement (AFD) to Guarantee Grameen Credit Agricole Microfinance Foundation (GCAMF) Loans, Largely in Sub-Saharan Africa,” https://www.microcapital.org/microcapital-brief-agence-francaise-de-developpement-afd-to-guarantee-grameen-credit-agricole-microfinance-foundation-gcamf-loans-largely-in-sub-saharan-africa/
MicroCapital Story, October 22, 2012, “Appui au Developpement Autonome, BSB, Confederation des Institutions Financieres Partner on Microinsurance in West Africa,” https://www.microcapital.org/microcapital-brief-appui-au-developpement-autonome-bsb-confederation-des-institutions-financieres-partner-on-microinsurance-in-west-africa-2/
MicroCapital Universe Profile, Association Inter Instituts Ensemble et Avec (ASIENA), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Association+Inter+Instituts+Ensemble+et+Avec
MicroCapital Universe Profile, Grameen Credit Agricole Microfinance Foundation (GCAMF), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Grameen+Credit+Agricole+Microfinance+Foundation
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