The Luxembourg-based Grameen Crédit Agricole (GCA) Foundation recently loaned EUR 3 million (USD 3.3 million) to Arnur Credit, a microfinance institution (MFI) that operates in southern Kazakhstan. Arnur provides agricultural, business, personal and car loans. In partnership with the UK-based European Bank for Reconstruction and Development (EBRD), Arnur also provides technical support and climate-adaptation and -mitigation loans to women who operate micro-, small and medium-sized enterprises.
As of December 2021, Arnur reported total assets of KZT 25 billion (USD 56 million) and net 12-month income of KZT 1.8 billion (USD 3.9 million). As of June 2022, the organization reported a net portfolio of EUR 53 million (USD 58 million) and approximately 18,400 borrowers. Among Arnur’s funding sources are bonds traded on the Kazakhstan Stock Exchange.
Crédit Agricole, a French retail bank, in partnership with Muhammad Yunus, the founder of Grameen Bank of Bangladesh, established GCA Foundation in 2008. The organization seeks to reduce poverty by providing funding and technical assistance to MFIs and other social businesses. As of 2023, GCA Foundation manages assets valued at EUR 89 million (USD 98 million) outstanding to 62 partners in 37 countries in Africa and Eurasia. These partners’ beneficiaries are mainly women living in rural areas.
By Rohit Dayanand, Research Associate
Sources and Additional Resources
GCA Foundation press release
https://www.gca-foundation.org/en/media-room/#in-kazakhstan-first-support-to-arnur-credit
Arnur homepage
https://arnurcredit.kz
Arnur 2021 financial statement
https://drive.google.com/file/d/170pRB6G_ZqdyARxxrNwmP4Jk0d44LDMm/view
EBRD Annual Review 2021
https://www.ebrd.com/news/publications/annual-report/annual-review-2021.html
GCA Foundation homepage
https://www.gca-foundation.org/
Previous MicroCapital brief on GCA Foundation
https://www.microcapital.org/microcapital-brief-grameen-credit-agricole-foundation-lends-525k-to-smart-credit-for-microfinance-in-moldova/
Previous MicroCapital brief on EBRD
https://www.microcapital.org/microcapital-brief-european-bank-for-reconstruction-and-development-loans-3m-to-arnur-credit-to-support-micro-and-small-enterprises-in-rural-kazakhstan/
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