VisionFund DRC, a microfinance institution (MFI) in the Democratic Republic of Congo, has secured a loan of approximately USD 1 million from the Grameen Credit Agricole (GCA) Foundation, whose head office is in Luxembourg. VisionFund DRC provides loans, savings and microinsurance to approximately 2,900 families in rural areas of the province of Kinshasa.
The MFI had been named Opportunity International DRC until 2016, when UK-based NGO VisionFund International purchased 80 percent of its shares from US-based NGO Opportunity International. VisionFund International was created in 2003 as a wholly owned subsidiary of World Vision, a US-based Christian relief and development organization, with the purpose of managing its MFIs. As of 2017, the VisionFund International MFIs in 28 countries report a portfolio of USD 390 million outstanding to 1.2 million customers, of whom 70 percent are women.
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
VisionFund profile on VisionFund DRC
http://www.visionfund.org/2451/where/africa/dr-congo/about-us/
VisionFund Annual Report
http://www.visionfund.org/library/client/documents/VFI%20Annual%20Report%202017.pdf
World Vision homepage
https://www.worldvision.org/
Grameen Credit Agricole Foundation homepage
http://gca-foundation.org/
GCA Foundation 2017 Annual Report
http://gca-foundation.org/data/grameen/publications-gca/rapport-annuel/2017-Annual Report-ENG.pdf
Opportunity International homepage
https://opportunity.org/
MICROCAPITAL BRIEF: Woori Bank of South Korea Acquires VisionFund Cambodia from Microfinance Subsidiary of US-based World Vision
https://www.microcapital.org/microcapital-brief-woori-bank-of-south-korea-acquires-visionfund-cambodia-from-microfinance-subsidiary-of-us-based-world-vision/
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