MICROCAPITAL BRIEF: KOMIDA Secures $3m from Grameen Crédit Agricole Foundation for Microfinance for Women in Rural Indonesia

Koperasi Mitra Dhuafa (KOMIDA), a microfinance institution in Indonesia, recently borrowed local currency equivalent to EUR 3 million (USD 3 million) from the Luxembourg-based Grameen Crédit Agricole (GCA) Foundation. The wholesale loan is to be used to provide microloans to KOMIDA’s customers, nearly all of whom are women living in rural areas.

Established in 2004, KOMIDA provides collateral-free loans and savings services as well as health and financial education via 318 branches. As of June 2022, it serves 797,000 women with a loan portfolio of IDR 2.0 trillion (USD 136 million).

Credit 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.

By Ben Greissman, Research Associate

Sources and Additional Resources

Direct contact with GCA Foundation

GCA Foundation press release
https://www.gca-foundation.org/en/media-room/#the-foundation-grants-three-new-financings-in-south-and-south-east-asia

KOMIDA homepage
https://mitradhuafa.com

Previous MicroCapital article on GCA Foundation and KOMIDA
https://www.microcapital.org/microcapital-brief-grameen-credit-agricole-foundation-disburses-10m-to-microfinance-institutions-for-on-lending-in-indonesia-myanmar/

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