The Grameen Crédit Agricole Foundation has signed two new financing agreements in Burkina Faso
The Grameen Crédit Agricole Foundation has just granted two new loans to microfinance partners based in Burkina Faso, where it now has six partners.
In that respect, ACFIME benefited from a € 230,000 loan over a three-year period. This is the second loan granted to this institution, within the framework of the African Facility, a scheme developed in partnership with the French Development Agency (AFD) and aimed at strengthening small microfinance institutions in sub-Saharan Africa. ACFIME (Agence Communautaire pour le Financement de la Micro Entreprise - Community Agency for the Financing of Micro Enterprise) is a microfinance institution that helps bridge the gap not covered by large MFIs operating across the country. Since financial services for low-income populations are severely limited in Burkina Faso, loans granted by ACFIME to widely underserved populations have a very high potential for social impact.
In addition, the Foundation granted a first loan to SOFIPE for a total amount of € 305,000 over a three-year period. The Société de financement de la petite entreprise (Small Business Financing Company - Sofipe) was established in Burkina Faso in 2010. Originally developed by the Agricultural and Commercial Bank of Burkina Faso with the support of IFC, the World Bank Group branch in charge of promoting the private sector, thanks to a programme of significant growth in loans to small and medium-sized enterprises in sub-Saharan Africa, the Sofipe is the first banking institution exclusively dedicated to the financing of small businesses. This institution grants loans and offers financing for imports and other financial products to small entrepreneurs who face problems accessing conventional banks. It offers a range of financial products such as credit to female and microentrepreneurs groups, as well as very small individual businesses. This investment has also been made within the framework of the African Facility.
With these two new investments, Burkina Faso currently represents 13% of the Foundation's commitments in sub-Saharan Africa.