MICROCAPITAL BRIEF: Grameen Crédit Agricole Microfinance Foundation (GCAMF) Loans $666k to FinDev of Azerbaijan, $320k to Phoenix+ of Tajikistan
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Friday, January 25, 2013

MICROCAPITAL BRIEF: Grameen Crédit Agricole Microfinance Foundation (GCAMF) Loans $666k to FinDev of Azerbaijan, $320k to Phoenix+ of Tajikistan

» Posted by in Category: Deals,Eastern Europe and Central Asia at 12:40 pm

Grameen Crédit Agricole Microfinance Foundation (GCAMF), an organization that offers financial services to microfinance institutions (MFIs) and social business projects in Africa and Eurasia, recently approved a three-year loan to Azerbaijani MFI FinDev in local currency equivalent to USD 666,000. In 2011 GCAMF issued a loan to FinDev amounting to the equivalent of USD 620,000. As of September 30, 2012, FinDev reported total assets of USD 17 million, a gross loan portfolio of USD 15.6 million and approximately 10,300 active borrowers, 29 percent of whom were women. As of December 31, 2011, FinDev, which does not offer deposit services, reported return on assets (ROA) of 6.04 percent and return on equity (ROE) of 19.9 percent.

GCAMF also supplied a local-currency, three-year loan equivalent to USD 320,000 to Phoenix+, an MFI based in Tajikistan that focuses on rural and agricultural finance. This is the first time GCAMF has lent funds to Phoenix+. As of June 30, 2012, the institution had appoximately 1,640 active borrowers, 41 percent of whom were women and 82 percent of whom lived in rural areas. As of December 31, 2012, Phoenix+ reported ROA of 1.71 percent and ROE of 4.60 percent. The institution had a gross loan portfolio of USD 1.0 million and total assets of USD 1.1 million. It does not take deposits.

As of December 31, 2011, GCAMF reports 45 investment projects in 19 countries that support 30 microfinance institutions (MFIs), four social-business projects and one fund that covers foreign-exchange risk.

By Nicole Boyd, Research Associate

About FinDev
Finance for Development LLC (FinDev) is an Azerbaijan-based financial institution that began operations in 1997 as a savings and credit project of humanitarian organization Oxfam Great Britain. Registered in 2002 as an independent entity, it provides a variety of group and individual loans, mainly in rural areas of Azerbaijan. As of September 30, 2012, FinDev reported to the US-based nonprofit Microfinance Information Exchange (MIX) total assets of USD 17.0 million, a gross loan portfolio of USD 15.6 million and approximately 10,250 active borrowers. As of December 31, 2011, FinDev reported return on assets (ROA) of 6.04 percent and return on equity (ROE) of 19.9 percent. FinDev does not offer deposit services at this time.

About Phoenix+
Phoenix+ is a microfinance institution in Tajikistan that primarily offers rural and agricultural finance. As of December 31, 2012, Phoenix+ reported to the US-based nonprofit Microfinance Information Exchange (MIX) total assets of USD 1.1 million, a gross loan portfolio of USD 1.0 million, return on assets (ROA) of 1.71 percent and return on equity (ROE) of 4.60 percent. As of June 30, 2012, Phoenix+ had approximately 1,640 active borrowers, 41 percent of whom were women. The institution does not accept deposits.

About Grameen Crédit Agricole Microfinance Foundation
The Grameen Crédit Agricole Microfinance Foundation (GCAMF) was founded in Luxembourg in 2008 with an endowment of EUR 50 million (approximately USD 64 million) provided by Crédit Agricole SA, a French retail bank, and Grameen Trust (GT), a nonprofit microfinance organization affiliated with Grameen Bank of Bangladesh. GCAMF offers a range of 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 45 investment projects in 19 countries that support 30 microfinance institutions (MFIs), four social-business projects and one fund that covers foreign-exchange risk.

Sources and Additional Resources:

Information sent by Grameen Crédit Agricole Microfinance Foundation to MicroCapital.

MicroCapital, November 27, 2012, “MICROCAPITAL BRIEF: Grameen Credit Agricole Microfinance Foundation (GCAMF) Loans $989k to WAGES of Togo, $445k to Azeri Star of Azerbaijan, $153k to Berendina Microfinance of Sri Lanka,” http://www.microcapital.org/microcapital-brief-grameen-credit-agricole-microfinance-foundation-gcamf-loans-989k-to-wages-of-togo-445k-to-azeri-star-of-azerbaijan-153k-to-berendina-microfinance-of-sri-lanka/

MicroCapital, November 21, 2011, “MICROCAPITAL BRIEF: Grameen Crédit Agricole Microfinance Foundation Lends $2m to Microfinance Institutions Hekima of Congo; Findev of Azerbaijan; Chamroeun, TPC of Cambodia,” http://www.microcapital.org/microcapital-brief-grameen-credit-agricole-microfinance-foundation-lends-2m-to-microfinance-institutions-hekima-of-congo-findev-of-azerbaijan-chamroeun-tpc-of-cambodia/

MicroCapital Universe Profile: Grameen Crédit Agricole Microfinance Foundation (GCAMF) http://microcapital.org/microfinanceuniverse/tiki-index.php?page=Grameen+Credit+Agricole+Microfinance+Foundation

MicroCapital Universe Profile: Finance for Development LLC (FinDev) http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Finance+for+Development+%28FinDev%29

MicroCapital Universe Profile: Phoenix+ http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Phoenix+%2B

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