The Grameen Credit Agricole Microfinance Foundation (GCAMF), a Luxembourg-based provider of financial services to microfinance institutions and social businesses, recently informed MicroCapital that it has committed to extending two loans denominated in CFA francs to Réseau de Micro-institutions de Croissance de Revenus (RMCR), a savings and credit union in Mali. The first loan, approximately equivalent to USD 600,000, is intended to support the institution’s existing services while the second, equivalent to USD 240,000, is to be used to establish a microinsurance offering.
Established in 2005, RMCR provides loans, deposit services and training to poor people in an effort to increase commercial activities and boost job creation. According to the US-based nonprofit Microfinance Information Exchange (MIX), RMCR had total assets of USD 9.8 million, a gross loan portfolio of USD 7.6 million, 33,000 active borrowers, deposits of USD 1 million, 36,000 depositors and return on assets of -3.6 percent as of 2015.
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. As of June 2017, GCAMF has invested in 54 microfinance institutions, 15 social-business projects and one fund in 29 countries in Africa, Asia and Eastern Europe.
By Ryan Gauthier, Research Associate
Sources and Additional Resources
Information provided directly to MicroCapital by GCAMF.
MICROCAPITAL BRIEF: Grameen Crédit Agricole Microfinance Foundation (GCAMF) to Loan $1.1m to FINCA Malawi, $580k to Réseau de Micro-institutions de Croissance de Revenus of Mali:
Microfinance Information Exchange:
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