The Fundation carrys out its first investment in Myanmar
The Grameen Crédit Agricole Foundation has just disbursed its first loan in Myanmar to microfinance institution BRAC Myanmar set up in 2013 as a microfinance programme by BRAC. As of February 2017, BRAC had an outstanding portfolio amounting to € 5.7 Million and 40,590 active borrowers, all of them women, 28% of whom live in rural areas.
In this country, the project aims to help alleviate poverty, create jobs and improve income for beneficiaries, with particular emphasis on women who have been left behind by the traditional financial system. Indeed, BRAC Myanmar offers services specifically designed for poor people in rural areas and offers an integrated development model through its microfinance plus approach. By developing a network of offices across the country, BRAC plans to create hubs where the supply of microfinance can be complemented by health, agricultural or educational products. Information gathered through microfinance activities is systematically recorded to identify the needs of the community for a more targeted design and service delivery.
This first loan of € 1.5 million over a three-year period to a microfinance institution in Myanmar is made within the framework of the TCX / LIFT Facility, which allows the Foundation to offer a subsidized interest rate to beneficiary MFIs.
With this new partnership, the Grameen Crédit Agricole Foundation is now working with 55 MFIs (including two MFIs that are also Social Business companies) in 24 countries.