The Grameen Credit Agricole Microfinance Foundation (GCAMF), a Luxembourg-based investor in microfinance institutions (MFIs) and other social businesses, recently informed MicroCapital that it has made a loan of EUR 792,000 (USD 1,068,000) to Viator, an Azerbaijani MFI. GCAMF also loaned EUR 1 million (USD 1,350,000) to Kreditimi Rural i Kosoves (KRK), a Kosovo-based MFI that provides people living in rural areas with access to financial services [1]. Both loans have terms of three years.
GCAMF has distributed three previous loans to Viator. The most recent was in May 2013 as was reported by MicroCapital at that time. This is GCAMF’s first loan to KRK [1].
As of December 2012, GCAMF reports total assets of EUR 50 million (USD 67.9 million). As of June 2013, Viator has a gross loan portfolio of GBP 9.8 million (USD 15.8 million) and operates through a network of six branches. Viator’s assets for 2012 total USD 18.2 million, while its return on assets and equity amounts to 11.8 percent and 20.5 percent respectively. The organization finances approximately 17,700 active borrowers, of whom 39 percent are women. As of March 2013, KRK reports total assets of USD 14.2 million, a gross loan portfolio of USD 12.2 million, return on assets of 13.5 percent and return on equity of 42.6 percent. As of the same year, KRK has had approximately 6,560 active borrowers, of whom ten percent are women. Seventy-one percent of the shares of KRK are held by The European Fund for Southeast Europe (EFSE), a Luxembourg-based, government-backed microfinance investor that aims to foster regional development; Nederlandse Financierings-Maatschappijvoor Ontwikkelingslanden NV (FMO), a Dutch development finance institution; and Crédit Coopératif, a French cooperative bank.
By Anesa Kratovac, Research Associate
About Viator
Viator was klaunched in 1999 as a project of the nonprofit Norwegian Humanitarian Enterprise (NHE) that sought to implement microcredit activities in the area of Ganja, Azerbaijan. Viator’s mission is to help poor people to increase their income through tailored and sustainable microfinance services. As of June 2013, Viator has 17,741 active borrowers and a portfolio of GBP 9.8 million (USD 15.8 million) services through six branches. The institution reports that 61 percent of its borrowers are from rural areas and 39 percent are women.
About Kreditimi Rural i Kosoves (KRK)
Kreditimi Rural i Kosoves (KRK) is a microfinance institution based in Kosovo. Formerly called the Rural Finance Project of Kosovo, KRK aims to assist farmers and rural microentrepreneurs in restoring and developing agricultural production capacity and establishing a sustainable, community-based rural credit market. The European Fund for Southeast Europe (EFSE), a Luxembourg-based, government-backed microfinance investor that aims to foster regional development; Nederlandse Financierings-Maatschappijvoor Ontwikkelingslanden NV (FMO), a Dutch development finance institution; and Crédit Coopératif, a French cooperative bank; collectively hold 71 percent of KRK’s shares. The percentage of shares held by each institution has not been disclosed. As of March 2013, KRK reported to the US-based nonprofit Microfinance Information Exchange (MIX) total assets of USD 14.2 million, a gross loan portfolio of USD 12.2 million, return on assets of 13.5 percent and return on equity of 42.6 percent. As of 2013, KRK had approximately 6,560 active borrowers, of which 10 percent are women. KRK does not accept deposits.
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 31, 2011, GCAMF reports total assets of EUR 50 million (USD 67.9 million).
Sources and Additional Resources:
[1] Information Provided to MicroCapital by the Grameen Credit Agricole Microfinance Foundation.
MicroCapital Article, July 16, 2013, “European Bank for Reconstruction and Development (EBRD) Loans $2m to Kreditimi Rural i Kosoves of Kosovo,” https://www.microcapital.org/microcapital-brief-european-bank-for-reconstruction-and-development-ebrd-loans-2m-to-kreditimi-rural-i-kosoves-of-kosovo/
MicroCapital Article, May 29, 2013, “Grameen Crédit Agricole Microfinance Foundation Loans $800k to Soro Yiriwaso of Mali, Viator of Azerbaijan,” https://www.microcapital.org/microcapital-brief-grameen-credit-agricole-microfinance-foundation-loans-800k-to-soro-yiriwaso-of-mali-viator-of-azerbaijan/
MicroCapital Article, 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 Article, May 20, 2013, “Grameen Credit Agricole Microfinance Foundation (GCAMF) Loans $370k to Microfinance Institution Chamroeun of Cambodia,” https://www.microcapital.org/microcapital-brief-grameen-credit-agricole-microfinance-foundation-gcamf-loans-370k-to-microfinance-institution-chamroeun-of-cambodia/
MicroCapital Article, 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 Universe Profile: Grameen Credit Agricole Microfinance Foundation (GCAMF), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Grameen+Credit+Agricole+Microfinance+Foundation
MicroCapital Universe Profile: Kreditimi Rural i Kosoves (KRK), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Kreditimi+Rural+I+Kosoves
MicroCapital Universe Profile: Viator, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=viator
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