The EIB grants a €12 million loan to the Grameen Crédit Agricole Foundation
The Grameen Crédit Agricole Foundation received a loan from the European Investment Bank (EIB) of €12M equivalent in CFA Francs to support the development of microfinance in Western Africa. This financing operation in local currency is a true recognition for the Foundation that will be able to increase its presence in Africa.
The EIB, an operator committed to microfinance
The EIB has a long experience in the development of microfinance. With more than €1.2 billion implicated since the first microfinance operations in 1992, the EIB supports microfinance institutions as well as other actors in this field who promote inclusive and responsible finance. As part of the Cotonou Agreement signed in 2000 between the European Union and the ACP countries (Africa, Caribbean, Pacific), the EIB launched an investment facility to promote the private sector and fight poverty.
Within the framework of this program, a loan a loan of €12M equivalent in CFA Francs was granted to the Grameen Crédit Agricole Foundation.
The Foundation, an expert in the field
As an investor, financer and technical assistant coordinator, the Foundation has supported for 10 years microfinance institutions and social businesses all around the world. At the end of 2018, it recorded a total commitment of € 81 million to 75 partners in over 30 countries. After great results in 2018, this new financing will allow the Foundation to expand its actions to support microfinance and social entrepreneurship in Africa.
With over 30% of its financing in Sub-Saharan Africa, the Foundation positions itself as an actor committed to fighting poverty in the continent. The Foundation targets rural populations to support financial inclusion and to strengthen resiliency in the agriculture sector. The alliance between the EIB and the Foundation serves a common goal: financing and supporting a more sustainable and inclusive economy, in line with the 2030 Development Agenda. By providing this financing in CFA Francs, the EIB allows the Foundation to continue to support its partners in Western Africa through loans in local currency.