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Supporting microfinance in Sub-Saharan Africa with the Grameen Crédit Agricole Foundation
Project
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Signature date
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Location
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Multi-country Africa
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Financing tool
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Financing amount (Euro)
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10000000
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Financing details
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EUR 10m Guarantee
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Customer
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GCAMF
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Type of customer
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Financial institution
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Country of headquarters
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Luxembourg
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Project number
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CZZ2941
This information is given at the time of signature, without prejudice to any developments in the operation/project.
AFD Group has allocated a new guarantee to the Grameen Crédit Agricole Foundation to build the resilience of microfinance institutions and their clients affected by the Covid-19 crisis
Client presentation
The Grameen Crédit Agricole Foundation is a leading player in financial inclusion in rural areas. Its purpose is to contribute to reducing poverty by providing financial and technical assistance to microfinance institutions (MFIs), social businesses and projects with impacts in developing countries. The Foundation supports MFIs that target disadvantaged people, particularly women and people living in rural areas, especially farmers. It operates in 40 countries and Sub-Saharan Africa is one of the focus regions for its action to improve access to financial services for the most disadvantaged.
Project description
The project involves the renewal of an ARIZ portfolio guarantee to the Grameen Crédit Agricole Foundation for EUR 10m, i.e. a financing volume of EUR 20m allocated by the Foundation to MFIs based in Sub-Saharan Africa. It is the sixth ARIZ portfolio guarantee dedicated to the Grameen Crédit Agricole Foundation’s activity in Africa.
Project impact
This project is contributing to the coordinated response to support the financial inclusion sector during the Covid-19 crisis and support players that mainly operate in fragile countries or areas (Sub-Saharan Africa).