Vert Limited, a Kenyan exporter of vegetables, fruits, herbs, and spices, has borrowed EUR 440,000 (USD 500,000) from the Grameen Credit Agricole (GCA) Foundation, whose head office is in Luxembourg, to support its exports to Europe. Founded in 2000, Vert has approximately 200 employees. The company sources fresh produce from 3,000 smallholder farmers through 60 collection centers. To support these growers, Vert provides technical support and facilitates pre-harvest financing. In 2016, the GCA Foundation and Kampani, a Belgium-based investor in agriculture in developing countries, each invested EUR 500,000 (USD 567,000) to buy stakes of undisclosed size in Vert.
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 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
Vert Limited homepage
http://vertltd.com/
Grameen Credit Agricole Foundation homepage
http://gca-foundation.org/
GCA Foundation story on Vert
http://gca-foundation.org/news/the-new-plant-of-vert-ltd-in-kenya-a-lever-of-development-for-1800-smallholder-farmers
Kampani profile on Vert
https://www.kampani.org/investments/vert-ltd/
Mennonite Economic Development Associates profile on Vert
https://www.meda.org/publications-m-sawa/418-vert-lead-firm-profile-1/file
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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