Grameen Crédit Agricole Foundation signs threefold agreement with Agence Française de Développement
On March 27th, the Grameen Crédit Agricole Foundation and the Agence Française de Développement (AFD) signed a threefold agreement. This agreement will strengthen the development of the Grameen Crédit Agricole Foundation in Sub-Saharan Africa and help to strengthen the financial and operational capacities of the local microfinance institutions, partners of the Foundation.
It has three components:
- A € 2.2 million grant for co-financing technical assistance missions to microfinance institutions;
- € 6 million in financing for the Foundation's development in sub-Saharan Africa;
- A € 10 million guarantee line allocated to financing granted by the Grameen Crédit Agricole Foundation.
Within the framework of this partnership, the Foundation is in charge of identifying, financing and supporting the beneficiary institutions on the basis of social, financial and geographical criteria. The area covered matches the France's priority countries for public development aid in Africa.