Koperasi Mitra Dhuafa (KOMIDA), a savings and loan cooperative in Indonesia, has secured a three-year loan worth approximately USD 2.4 million in local currency from the Grameen Credit Agricole (GCA) Foundation, whose head office is in Luxembourg. KOMIDA was established in 2004 to provide collateral-free loans to low-income women in rural areas. As of 2019, it serves 598,000 members through 237 offices. In addition to loans and savings, KOMIDA offers non-financial services such as health training and financial planning services. As of 2017, KOMIDA had outstanding loans of IDR 652 billion (USD 46 million) and deposits of IDR 278 billion (USD 20 million).
GCA Foundation was founded in 2008 by Credit Agricole SA, a French retail bank, in partnership with Bangladeshi NGO Grameen Trust and its founder, Muhammad Yunus. The foundation provides funding and technical assistance to microfinance institutions and other social businesses with the aim of creating a “better-shared economy.” As of January 2019, GCA Foundation has commitments of approximately EUR 82 million (USD 92 million) outstanding to 79 partners in 35 countries in Africa and Eurasia. Its partners serve approximately 3.9 million customers, of whom 75 percent are women and 79 percent live in rural areas.
By Anuhya Tadepalli, Research Associate
Sources and Additional Resources
Direct contact with the Grameen Credit Agricole Foundation
KOMIDA homepage
http://mitradhuafa.com/
Grameen Credit Agricole Foundation homepage
http://gca-foundation.org/
KOMIDA Annual Report
http://mitradhuafa.com/annual-report-2017/
MICROCAPITAL BRIEF: Grameen Credit Agricole Microfinance Foundation (GCAMF) Loans $555k to Indonesia’s Koperasi Mitra Dhuafa (Komida)
https://www.microcapital.org/microcapital-brief-grameen-credit-agricole-microfinance-foundation-gcamf-loans-555k-to-indonesias-koperasi-mitra-dhuafa-komida/
GCA Foundation 2017 Annual Report
http://gca-foundation.org/data/grameen/media/documents/Grameen-Credit-Agricole-Foundation-Integrated-Annual-Report-2017-.pdf
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