The Grameen Credit Agricole (GCA) Foundation, whose head office is in Luxembourg, has informed MicroCapital that it issued a loan of EUR 2 million (USD 2.2 million) to Mi-Bospo, a microfinance institution (MFI) providing loans to micro- and small businesses in Bosnia and Herzegovina (BiH).
The precursor of Mi-Bospo was launched in 1996 as a program of the nonprofit Bosnian Council for Aid, which also is known as Bospo. Bospo had been formed in 1995 to support post-war reconstruction. Mi-Bospo became an independent entity in 2000.
As of 2019, Mi-Bospo operates in the agriculture, services, production and trade sectors with 32 offices, mainly in northeast BiH. Approximately 64 percent of the MFI’s clients are female. As of December 2018, Mi-Bospo reported total assets of BAM 65 million (USD 72 million) and a gross loan portfolio of BAM 59 million (USD 66 million). The MFI does not accept deposits.
GCA Foundation was launched in 2008 by the directors of Credit Agricole, a French retail bank, and Muhammad Yunus, the founder of the Grameen Bank of Bangladesh. The foundation provides funding and technical assistance to microfinance institutions and other social businesses with the aim of promoting financial inclusion and social entrepreneurship. As of March 2019, GCA Foundation has commitments of approximately EUR 85 million (USD 95 million) outstanding to 79 partners in 34 countries in Africa and Eurasia. Its partners serve approximately 4.1 million customers, of whom 75 percent are women and 77 percent live in rural areas.
By Anuhya Tadepalli, Research Associate
Sources and Additional Resources
Direct contact with the Grameen Credit Agricole Foundation
Mi-Bospo homepage
https://Mi-Bospo.org
Mi-Bospo financials
https://Mi-Bospo.org/images/izvjestajiEng/Balance_Sheet_Income_Statement_2017pdf.pdf
GCA Foundation homepage
http://gca-foundation.org/
GCA Foundation 2017 Annual Report
http://gca-foundation.org/data/grameen/publications-gca/rapport-annuel/2017-Annual Report-ENG.pdf
MICROCAPITAL BRIEF: Green for Growth Fund (GGF) Loans $7m to Microfinance Institutions (MFIs) Partner Microcredit Foundation, Mi-Bospo for Energy Efficiency Financing in Bosnia and Herzegovina
https://www.microcapital.org/microcapital-brief-green-for-growth-fund-ggf-loans-7m-to-microfinance-institutions-mfis-partner-microcredit-foundation-Mi-Bospo-for-energy-efficiency-financing-in-bosnia-and-herzegovina/
MIX Market profile on Mi-Bospo
https://www.themix.org/mixmarket/profiles/mi-bospo
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