Furuz Microcredit Organization, which is headquartered in the city of Bokhtar, Tajikistan, has borrowed the equivalent of USD 560,000 in its first transaction with the Grameen Credit Agricole (GCA) Foundation, which is headquartered in Luxembourg. Established in 1999 as a program of the US-based NGO Millennium Relief and Development Services, Furuz offers loans for entrepreneurial efforts such as agriculture, making crafts and work-related migration. Via eight branches, it serves 1,500 women and 3,500 men, of whom 81 percent live in rural parts of the country. For the third quarter of 2021, it reported net profit of TJS 509,000 (USD 45,000) on total assets of TJS 88.7 million (USD 7.9 million).
Credit Agricole, a French retail bank, in partnership with Muhammad Yunus, the founder of Grameen Bank, established GCA Foundation in 2008. The organization seeks to reduce poverty by providing funding and technical assistance to microfinance institutions and other social businesses. As of December 2021, GCA Foundation has a portfolio of EUR 78 million (USD 88 million) outstanding to 80 partners in 37 countries in Africa and Eurasia. Approximately 85 percent of its investees’ clients live in rural areas, and 73 percent are women.
By Adhya Singh, Research Associate
Sources and Additional Resources
GCA Foundation press release
https://www.gca-foundation.org/en/media-room/#the-latest-funding-of-the-foundation-in-europe-and-central-asia
Furuz homepage
https://furuz.tj
Furuz 2021 profit and loss statements
https://furuz.tj/index.php/en/about-us/financial-statements/profit-and-loss-statements
Furuz 2021 balance sheet
https://furuz.tj/index.php/en/about-us/financial-statements/balance-sheet
Millennium Relief and Development Services homepage
https://mrds.org/
GCA Foundation homepage
https://www.gca-foundation.org/
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