Fund for Inclusive Finance in rural areas (FIR): a microfinance investment vehicle
In order to bolster its support for rural microfinance, the Foundation launched in partnership with CA Indosuez Wealth (Asset Management) and CACEIS Bank Luxembourg Branch, the Fund for Inclusive Finance in Rural Areas (FIR), a social impact investment fund which enables Crédit Agricole’s entities and Regional Banks to invest in the financingrural MFIs.
The first fundraising drive, which ended on 28 September 2018, confirmed the participation of 13 Regional Banks (Alsace-Vosges, Centre-est, Centre-France, Champagne-Bourgogne, Franche-Comté, Ille-et-Vilaine, Languedoc, Loire-Haute Loire, Martinique-Guyane, Normandie-Seine, Réunion, Savoie and Sud Rhône Alpes) – representing 1/3 of the the Group’s Regional Banks – and Amundi for an amount close to €6 million.
It is a unique project in the history of the Group and the Foundation. It will help multiply their impact for inclusive financing and will show the potential for action between microfinance and banking to strengthen the financing of rural economies.