Four new investments in Asia for the Grameen Credit Agricole Foundation
The Grameen Crédit Agricole Foundation has made three new investments in Asia, including one to a new partner in India.
In partnership with CA CIB India, the Foundation has granted a guarantee equivalent to € 5 million to the Indian microfinance institution Annapurna, for a loan granted in local currency by CA CIB India. Annapurna Finance Pvt. Ltd (AFPL) was established in 2009, and is now one of the top ten NBFC-MFIs in the country. The institution was established with a purpose of serving the economically backward clients by bringing them to mainstream, providing need based financial services at their doorstep. Its main objectives are to provide financial assistance for economic empowerment, to offer tailor made, need based products for catering to every life cycle need of the clients and to give priority to women and to involve them directly in production activities through Self-help groups and access to finance, so that the opportunities are created for additional income. As of today, the institution serves 1.6 million active borrowers, 99% of which are women and 85% of which live in rural areas.
Similarly, in Myanmar, the Foundation has granted a new loan for a total amount equivalent to € 2.3 million in local currency over a four-year period to VisionFund Myanmar, a microfinance institution that lends small sums of money to people who do not have a measurable credit history, assets to secure the loans, or access to mainstream financial providers. As of today, VisionFund Myanmar serves over 190,000 clients, 86% of whom are women and 59% of whom live in rural areas.
Also in Myanmar, the Foundation has granted a new loan in local currency equivalent to € 1.8 million over a four-year period to Proximity Designs, on behalf of Proximity Finance, a microfinance programme whose mission is to addres extreme poverty by treating the poor as customers. To date, the programme has 117,000 active borrowers, 69% of whom are women.
Finally, in Cambodia, the Foundation has granted a loan equivalent to € 1.6 million to Chamroeun, a historical partner of the Foundation since 2010. Chamroeun is a microfinance institution that provides financial services to the poorest, those excluded from the range of more commercial microfinance institutions. The institution serves over 30,000 clients, 82% of whom are women.
To date, the Foundation has 16 partners in Asia for a total portfolio of € 25 million which represents 27% of the outstanding portfolio of the Foundation os of November.