The Luxembourg-based Grameen Crédit Agricole (GCA) Foundation recently announced a local-currency loan worth the equivalent of EUR 1 million (USD 1 million) to VisionFund Senegal, which is controlled by the US-based, Christian nonprofit World Vision International. VisionFund Senegal provides microloans for agriculture, livestock, trade, storage, equipment and hospitality businesses via six branches. As of 2022, it reports a portfolio of EUR 9 million (USD 9.1 million), serving 39,000 clients, the majority of whom are women who live in rural areas. World Vision’s VisionFund International was founded in 2003 with the goal of creating a poverty-free future through microloans, microsavings and microinsurance. As of its 2021 fiscal year, it serves 28 countries with a gross loan portfolio of USD 438 million and USD 63 million in client deposits.
Founded in 1950, World Vision is a humanitarian organization that aims to help end poverty and injustice. During the 2021 fiscal year, World Vision International generated revenues of USD 3.15 billion.
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) deployed via 75 partners in 36 countries in Africa and Eurasia.
By Ben Greissman, Research Associate
Sources and Additional Resources
GCA Foundation press release
https://www.gca-foundation.org/en/media-room/#the-foundation-grants-a-first-loan-to-vision-fund-senegal
VisionFund Senegal description
https://www.visionfund.org/where-we-work/africa/senegal
VisionFund International homepage
https://www.visionfund.org
World Vision homepage
https://www.worldvision.org
World Vision International annual report
https://www.wvi.org/sites/default/files/2022-05/WVI%20Global%20Annual%20Report%202021_2.pdf
Previous MicroCapital article on GCA Foundation
https://www.microcapital.org/microcapital-brief-fusion-microfinance-borrows-4m-from-credit-agricole-cib-for-group-lending-to-rural-women-owned-businesses-in-india-guaranteed-by-gca-foundation/
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