The Grameen Crédit Agricole (GCA) Foundation, which is headquartered in Luxembourg, has reported issuing a loan of EUR 1.9 million (USD 1.9 million) to the microfinance institution (MFI) Mikra of Bosnia and Herzegovina. Mikra, whose head office is in the city of Sarajevo, seeks to reduce poverty through entrepreneurship by delivering “financial services to the poorest but economically active populations.” The microlender has 15,000 clients – mostly rural women – and reports a loan portfolio of EUR 17 million (USD 17 million).
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 microfinance institutions and other social businesses. As of 2022, it manages assets valued at EUR 89 million (USD 89 million) outstanding to 75 partners in 36 countries in Africa and Eurasia. These partners’ beneficiaries are mainly women living in rural areas.
Crédit Agricole was established in 1885 to provide agricultural loans in France. As of December 2021, it serves 53 million people in 47 countries. As of March 2022, it values its assets under management at EUR 2.6 trillion (USD 2.6 trillion).
By Renata Samadova, Research Associate
Sources and Additional Resources
GCA Foundation press release
https://www.gca-foundation.org/en/media-room/#the-foundation-is-pursuing-its-activity-in-eastern-europe
Mikra homepage
https://mikra.ba
GCA Foundation profile on Mikra
https://www.gca-foundation.org/en/organisation/mikra-2/
Previous MicroCapital article on GCA Foundation
https://www.microcapital.org/microcapital-brief-grameen-credit-agricole-lends-1-2m-to-microfinance-institution-microinvest-of-moldova/
Did you know that MicroCapital publishes the MicroCapital Monitor newspaper each month? Find out more at https://www.microcapital.org/products-page/.
Similar Posts:
- MICROCAPITAL BRIEF: Grameen Crédit Agricole Foundation Loans $3.2m to Faten for Microfinance in Palestine
- MICROCAPITAL BRIEF: Grameen Crédit Agricole Foundation Lends $525k to Smart Credit for Microfinance in Moldova
- MICROCAPITAL BRIEF: Mi-Bospo of Bosnia and Herzegovina Borrowing $2.2m from Grameen Credit Agricole Foundation for Microfinance Lending
- MICROCAPITAL BRIEF: Oxus Kyrgyzstan Borrowing $1.6m from Grameen Credit Agricole Foundation for Microfinance Lending
- MICROCAPITAL BRIEF: Arnur Credit of Kazakhstan Borrows $3.3m from Grameen Crédit Agricole to Expand Access to Microfinance
