Achievements 2016: The Grameen Crédit Agricole Foundation continues to develop its portfolio
The mission of the Grameen Crédit Agricole Foundation is to contribute to the fight against poverty by promoting the financial inclusion of the most deprived as well as access to essential goods. Since its inception, its commitment to an inclusive and responsible finance has been constant.
In 2016, the Foundation signed new partnerships with microfinance institutions and Social Business companies.
As of December 2016, the Foundation worked with 63 partners in 29 countries for a total of € 44.3 million in commitments (+ 22% compared to 2015). Sub-Saharan Africa accounts for 41% of these commitments whereas Asia accounts for 36%. 82% of the Foundation's commitments are senior loans and 14% of them equity investments.
In the microfinance sector, the Foundation selects, funds, supports and strengthens local or regional institutions which themselves lend to end beneficiaries. These institutions are selected by the Foundation according to social and financial criteria. To date, we work with 50 MFIs who have 3.5 million clients, 84% of them women.
In the Social Business area, the Foundation invested in a new partner in Kenya, VERT Ltd, a company specialising in the production and export of green beans mainly to European markets. VERT Ltd also collects fruit and vegetables from 1,700 small local farmers organised into communities.
The Foundation has already invested in 15* companies for an outstanding amount of € 5.4 million as of end of 2016. This Social Business portfolio is mainly located in Sub-Saharan Africa, with 46% of its commitments spread across the continent and in the agri-food sector (51% of commitments) and financial services (30%).
In 2017 we will explore new territories. In addition, as exemplified by our partnership with Crédit Agricole Egypt and in line with our strategic orientations, we will develop synergies with the various Crédit Agricole Group entities.