The Grameen Credit Agricole (GCA) Foundation, whose head office is in Luxembourg, recently informed MicroCapital that it has issued three-year loans totaling the equivalent of USD 4.7 million to two microfinance institutions with ties to Sri Lanka.
LOLC Cambodia, which is owned by Sri Lanka’s LOLC Group, borrowed half of the total, denominated in US dollars. LOLC Cambodia was founded in 1994 as Thaneakea Phum (Cambodia) by US-based NGO Catholic Relief Services. The MFI has since been acquired by Sri Lanka’s LOLC Group, which is a member of Orix, a Japanese conglomerate. LOLC Group, whose name derives from