The Grameen Credit Agricole (GCA) Foundation, whose head office is in Luxembourg, recently partnered with CoopMed Fund, which is managed by Inpulse Investment Manager of Belgium, to loan a total of USD 2 million to FINCA Jordan, an affiliate of the Foundation for International Community Assistance (FINCA International), a US-based nonprofit that seeks to expand financial inclusion among people with low incomes.
FINCA Jordan has a total loan portfolio of USD 30.9 million and 29,920 active borrowers served via nine branches. FINCA International, headquartered in the city of Washington, has a loan portfolio of USD 1 billion, deposits of USD 361 million and 2 million active clients.
GCA Foundation was founded in 2008 by Credit Agricole SA, a French retail bank, in partnership with Muhammad Yunus, the founder of the Grameen Trust of Bangladesh. The foundation provides funding and technical assistance to microfinance institutions and other social businesses with the aim of contributing to the reduction of poverty. As of September 2018, GCA Foundation has commitments of approximately EUR 77 million (USD 89 million) outstanding to approximately 70 partners in 35 countries in Africa, Asia and Eastern Europe. Its partners serve 3 million customers, of whom 77 percent are women and 74 percent live in rural areas.
CoopMed provides loans to microfinance institutions, banks and mutuals in the countries on the southern and eastern shores of the Mediterranean. Additionally, the fund offers technical support in the areas of risk management, diversification and governance. CoopMed has an investment capacity of EUR 10.5 million (USD 12 million) supporting 147,000 beneficiaries in 11 countries.
By Anuhya Tadepalli, Research Associate
Sources and Additional Resources
Direct contact with Grameen Credit Agricole Foundation
FINCA Jordan
http://www.finca.jo
FINCA International
https://www.finca.org/
FINCA International 2017 Annual Report
https://www.finca.org/wp-content/blogs.dir/1/files/2018/08/FINCA-2017-Annual-Report-FINAL-pages.pdf
FINCA Impact Finance
https://www.fincaimpact.com/
CoopMed Fund
http://www.coopmed.eu/
Inpulse
http://www.inpulse.coop/
Grameen Credit Agricole Foundation homepage
http://gca-foundation.org/
Grameen Credit Agricole Foundation 2017 Annual Report
http://gca-foundation.org/liens/zzhwk
MICROCAPITAL BRIEF: European Bank for Reconstruction and Development (EBRD) to Loan $2m to FINCA Jordan for On-Lending to Micro-, Small Enterprises (MSEs)
https://www.microcapital.org/european-bank-for-reconstruction-and-development-ebrd-to-loan-2m-to-finca-jordan-for-on-lending-to-micro-small-enterprises-mses/
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