During the second half of 2021, the Grameen Crédit Agricole Foundation granted new fundings in Europe and Central Asia, including a first funding to Furuz, a new partner in Tajikistan. At the end of December 2021, the Grameen Crédit Agricole Foundation had 81 partners in 37 countries and was managing a portfolio of €82 million, 46% of which are located in fragile countries.
In Moldova, the Foundation granted a new loan to the microfinance institution Smart Credit for an amount equivalent to €580,000. Smart Credit is a microfinance institution created in 2010 to help clients improve their living conditions, especially among socially disadvantaged small entrepreneurs. The institution offers loans according to the individual methodology. To date, Smart Credit serves 3,253 clients, 54% of whom are women and 69% live in rural areas.
The Foundation also granted two new loans to Lazika in Georgia for a total amount equivalent to €1.4 million. Lazika is a microfinance institution created in 2000 by Oxfam Great Britain. Its mission is to facilitate the access of low- and middle-income entrepreneurs to financial services tailored to their needs. Currently, Lazika serves nearly 15,000 clients, 49% of whom are women and 69% live in rural areas.
In Kazakhstan, the Foundation also provided new funding to Asian Credit Fund (ACF), for an amount in local currency equivalent to €1 million. ACF was created in 1997 and its mission is to provide financial and development products and services to low-income households. ACF’s financial services are designed to promote the development of rural households, the growth of small businesses and home ownership. The institution has nearly 27,000 clients, 93% of whom live in rural areas, and 70% are women.
In Tajikistan, the Foundation granted initial funding to Furuz, a new partner, for an amount in local currency equivalent to €500,000. Furuz is a microfinance institution that started its activities in 1999 as part of the microenterprise development programme of the NGO Millenium Relief and Development Services. The institution offers financial services to small businesses. Furuz has over 5,000 clients, 30% of whom are women and 81% live in rural areas.
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