"Responsible finance in the service of the common interest"
As part of a special report on responsible finance, Admical met with Eric Campos, Managing Director of the Grameen Crédit Agricole Foundation and CSR Director of Crédit Agricole SA, in April. This is an opportunity to review the perspectives and challenges of the inclusive finance sector. Spotlight on this interview, which is fully available on Admical's website.
Many of the challenges we face today are inexorably widening inequalities, population growth is exploding and climate change is intensifying. Faced with this, profit must no longer be the only goal pursued by a capitalist system that is out of breath. The interest of an institution such as the Grameen Crédit Agricole Foundation is obvious: it is necessary to highlight the virtue of inclusive finance, concerned about its effects, deeply focused on people, their environment and the sustainable development of economies.
The Foundation was created 10 years ago by Crédit Agricole and Professor Yunus, a pioneer in microfinance and 2006 Nobel Peace Prize laureate. Its primary objective is to contribute to the fight against poverty by promoting impact entrepreneurship and financial inclusion. In 10 years, the Foundation has provided €200 million in financing to microfinance institutions and impact companies in some 40 countries, including 40% in the least developed countries with a loss rate of less than 0.6%. 200 million euros of financing can finance between 600 and 700,000 microcredits. More than 80% of the beneficiaries of microcredits are women and we work mainly in rural areas.
The Foundation therefore demonstrates that it is possible to reconcile financial performance with social impact. Its investment policy is rigorous, prioritizing both sustainability and positive social externalities. Responsible finance is the one that integrates this dual concern and explicitly reports on it.
In the coming years, the Foundation will diversify its expertise and enrich its methods of intervention with its partners in order to respond to the challenges facing the world of microfinance. We will also strengthen our cooperation with the Crédit Agricole Group to promote the social impact at the heart of the financial system.
Find the full interview of Eric Campos on Admical's website (in French).