MICROCAPITAL BRIEF: Grameen Credit Agricole Microfinance Foundation (GGAMF) Loans $1.7m in Kyrgyzstan to First MicroCredit Company (FMCC), Oxus

The Grameen Credit Agricole Microfinance Foundation (GCAMF), a Luxembourg-based provider of financial services to social businesses, recently informed MicroCapital that it has committed to extending loans totaling the following amounts in phases over three years: the euro equivalent of USD 1.15 million to First MicroCredit Company (FMCC) and the euro equivalent of USD 574,000 to Oxus Kyrgyzstan.

FMCC is a microfinance institution based in Kyrgyzstan that is operated by Switzerland’s Aga Khan Agency for Microfinance (AKAM). AKAM is an affiliate of the Aga Khan Development Network, which launched its microfinance programs in the Kyrgyz Republic in 2003. As of 2015, FMCC reports to the US-based nonprofit Microfinance Information Exchange (MIX) total assets of USD 11.2 million, a gross loan portfolio of USD 9.45 million and 14,820 active borrowers. The institution is seeking to convert into a fully-licensed microfinance bank so it can take deposits.

Oxus Kyrgyzstan, an affiliate of French microfinance NGO Oxus Group, was established in 2006 and provides microcredit primarily in the south of Kyrgyzstan. It has 5,400 active clients and a gross loan portfolio of USD 5.16 million as of 2017. The Oxus Group consists of the Oxus Development Network, a consulting company, and Oxus Holding, an investment entity that holds 66 percent of the shares of Oxus Democratic Republic of Congo and all of the shares of Oxus Afghanistan, Oxus Kyrgyzstan and Oxus Tajikistan. As of December 2015, the Oxus Group had an aggregate outstanding portfolio of USD 42.5 million and 60,000 active clients. Oxus Group was created in 2005 by the Agency for Technical Cooperation and Development (ACTED), a French NGO that provides relief and economic development services in 31 countries.

GCAMF was founded in Luxembourg in 2008 by Credit Agricole SA, a French retail bank, and Grameen Trust, a nonprofit microfinance organization affiliated with the Grameen Bank of Bangladesh. GCAMF focuses on supporting organizations that prioritize rural development, transparency, consumer protection and serving women. The foundation has been active in 18 countries in Africa, Asia and Europe. As of December 2014, GCAMF reported total assets of EUR 51 million (USD 57 million) and return on assets (ROA) of 6.6 percent. Since its inception through March 2016 it has invested in 46 microfinance institutions, 13 social-business projects and one fund.

By Ryan Gauthier, Research Associate

Sources and Additional Resources

Information provided directly to MicroCapital by GCAMF.

MICROCAPITAL BRIEF: Grameen Credit Agricole Microfinance Foundation Loans $2.2m to Kreditimi Rural I Kosoves of Kosovo, $500k to First MicroCredit Company of Kyrgyz Republic:

MICROCAPITAL BRIEF: Grameen Crédit Agricole Microfinance Foundation Loans $1.2m to Oxus DRC, DRC’s Hekima, Burkina Faso’s ACFIME:

The Oxus Group:

First MicroCredit Company (FMCC):

The Grameen Credit Agricole Microfinance Foundation (GCAMF):

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