Solidarity Bankers: two field missions are available for Lazika (Georgia) and Smart Credit (Moldova)

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Solidarity Bankers is a skills volunteering program launched by the Grameen Crédit Agricole Foundation and Crédit Agricole SA in 2018 with a dual objective: on the one hand, to support microfinance institutions and social impact businesses financed by the Foundation with technical assistance, and on the other hand, to promote the skills of Group employees who wish to get involved in projects with a strong social impact.

The missions can take place during the Solidarity Banker's working hours (skills sponsorship) AND/OR during holidays (volunteering).

Currently, two missions are available in the field:

  • “Communication and Marketing” Mission for Lazika (Georgia)

Lazika Capital is a microfinance institution established in 2000 by Oxfam Great Britain in Georgia. Its mission is to facilitate access to financial services tailored to the needs of low- and middle-income entrepreneurs. The institution is now among the leaders in the Georgian microfinance sector and has nearly 14,000 clients.

The selected Solidarity Banker will be tasked with evaluating the organization's marketing initiatives and strategy, as well as developing a marketing plan for late 2021/2022. Strong marketing experience and a good command of English are required. The assignment will last 10 days in the field.

For more information, see the mission sheet on ca-solidaires.fr

  • “Digital Strategy” Mission for Smart Credit (Moldova)

Smart Credit is a microfinance institution founded in 2010 by five local professionals with a shared vision: to provide financial services to socially disadvantaged people and small Moldovan entrepreneurs. The institution has over 3,000 active borrowers and manages a portfolio of €4.4 million.

The selected Solidarity Banker will be responsible for contributing to the development of Smart Crédit's digital strategy. Experience in IT project management and fluency in English are required.

For more information, see the mission sheet on ca-solidaires.fr.

To apply: send your CV and cover letter (or 2 paragraphs presenting your motivations and expertise) to:

 

 

The Foundation publishes its report “The impact of the crisis on microfinance institutions”

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The Covid-19 pandemic has affected all economies, particularly impacting fragile economies and the most vulnerable populations.

The Grameen Crédit Agricole Foundation has focused on the unprecedented effects of this global crisis on microfinance institutions. An initial survey was launched in March 2020 among all our partners to understand how they were adapting to the repercussions of the pandemic, which were already being felt on their activities. By partnering in the months that followed with two other major players in inclusive finance, ADA And Inpulse, we have extended the scope of these studies to more than a hundred institutions present on 4 continents: Africa, South America, Asia and Europe. In total, 6 surveys have been conducted since the inaugural questionnaire in March.

Through this publication you will discover the results of these studies summarized in 3 sections:

Adapt quickly to operational constraints

Surveys conducted throughout 2020 revealed three major challenges: the inability to meet with clients in person, limited repayment collections, and constraints on disbursing new loans. To address these challenges, MFIs acted proactively and appropriately, reflecting the organizations' strong resilience. However, not all were impacted equally. This document traces the evolution of these constraints and the measures implemented to address them.

A significant and lasting financial impact

The operational constraints encountered inevitably had significant financial repercussions. Among them, two major consequences were visible in almost all MFIs: an increase in the portfolio at risk (PAR) and a reduction in outstanding loans. These two phenomena fluctuated throughout the year depending on local contexts, and other financial difficulties may have arisen occasionally. The analysis of performance indicators, detailed in this document, allows us to visualize the lasting impact of the crisis.

Future prospects

In this context, the majority of MFIs have resisted and shown optimism. Among the areas considered for the coming years are a return to portfolio growth as well as the opening up to new products and services, and even new markets, starting in 2021. You will discover throughout the pages other adaptation measures explored by MFIs, demonstrating a reassuring desire for the future of the sector. We must nevertheless remain vigilant in the face of the instability of the current context. This is why we are maintaining our approach of closely monitoring the crisis with our partners in 2021, on a quarterly basis.

 

Download the report

Foundation Grants 7 New Loans in Eastern Europe and Central Asia

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© Philippe LISSAC (Godong) / GCA Foundation

Since January 2021, the Grameen Crédit Agricole Foundation has continued its financing in Eastern Europe and Central Asia and has granted seven new loans to its partners.

In Kosovo, the Foundation granted a new loan to the microfinance institution AFK for an amount of 1.5 million euros over a period of three years. The Agency for Finance in Kosovo (AFK) is a microfinance institution whose goal is to improve living conditions in Kosovo by providing access to sustainable financial services to microenterprises and small businesses. AFK aims to encourage the development of rural areas as well as women entrepreneurs and minorities. The institution serves 19,300 active borrowers (22% women and 51% in rural areas) and manages a portfolio of 36 million euros.

In Moldova, the Foundation granted a new loan to the microfinance institution Microinvest for an amount of 1.4 million euros over a period of three years. Microinvest provides microcredit and business start-up assistance to small entrepreneurs in many regions of the Republic of Moldova. 70,% of the loan portfolio corresponds to loans to private entrepreneurs living in rural areas. The institution has nearly 37,000 clients living in rural areas, 41% of whom are women.

In Montenegro, the Foundation granted a loan to the microfinance institution Monte Credit for one million euros, over a period of three years. Founded in 2005, Monte Crédit is a microfinance institution whose mission is to empower rural families to create income and jobs, unlocking economic potential for communities to prosper. The institution has more than 4,000 clients, of whom 54% are women and 51% live in rural areas.

In Kyrgyzstan, the Foundation granted a new loan to the microfinance institution OXUS for an amount in local currency equivalent to 800,000 euros. OXUS Kyrgyzstan is a microfinance institution established in 2006 by OXUS Group and ACTED. A responsible company, it is committed to providing financial services to the working poor and underbanked in Kyrgyzstan.To date, the institution has nearly 8,000 clients, including 48% women and 62% clients in rural areas.

In Kazakhstan, the Foundation granted a new loan to the microfinance institution Asian Credit Fund (ACF) for an amount in local currency equivalent to one million euros. ACF is a microfinance institution established in 1997 by the American NGO Mercy Corps. ACF's financial services are designed to promote rural household development, small business growth, and home ownership. ACF adheres to a specialized community lending model that offers tailored financial solutions, business advice, and technical assistance to its clients. To date, the institution has 27,000 clients, including 70% women and 93% clients in rural areas.

Finally, in Tajikistan, the Foundation granted a new loan in local currency equivalent to 1.2 million euros to the microfinance institution HUMOHUMO is a microfinance institution that aims to support vulnerable and underserved populations living in rural areas through financial and advisory services for small businesses. The institution has nearly 73,000 clients, including 37% women and 75% rural clients. Also in Tajikistan, the Foundation also granted a new loan to the microfinance institution. OXUS Tajikistan for an amount in local currency equivalent to one million euros over a period of three years. OXUS Tajikistan primarily targets microentrepreneurs and farmers in rural areas. Its social mission is clear and aims to improve the economic and social conditions of the low-income population that is not served by the banking sector. To date, the institution has more than 14,000 clients, including 36% women and 79% in rural areas.

To learn more, Click here.

AFD and the Grameen Crédit Agricole Foundation, a historic and promising partnership

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Rémy Rioux, Managing Director,
French Development Agency Group

A long-standing partner, the French Development Agency (AFD) has supported the Foundation's activities for over 10 years. Its Director, Rémy Rioux, shares his perspective on the impact of the economic and health crisis generated by the Covid-19 pandemic on the African continent and his assessment of the partnership with the Foundation.

—What do you think were the impact points of the health crisis on the African continent and how did the AFD respond to this crisis? What were your main areas of intervention?

RR: Africa experienced a shock in 2020, which I would like to point out was entirely exogenous and unprecedented. The continent appeared quite resilient in terms of health, but less so in terms of the economy. An unprecedented recession, averaging 2.61 times the previous year, affected more than forty countries simultaneously. Beyond the cyclical impact, the crisis is raising fears of a profound weakening of economies and societies.

The French Development Agency (AFD) group mobilized very quickly to support its partners. On the health front, with a €1.2 billion Health in Common initiative, half of which is in Africa for around fifty projects and nearly €130 million in donations; and on the economic front, with our "Choose Africa" program to support the entrepreneurial network and then strengthen it with a Resilience component, bringing the program to €3.2 billion committed by 2022. Finally, we are supporting, in line with the "Finance in Common" Summit, African public development banks—there are around a hundred on the continent—to make them drivers of sustainable growth.

—What is your assessment of the historic partnership with the Grameen Crédit Agricole Foundation?

RR: For more than 10 years, the AFD Group has provided the Foundation with portfolio and individual guarantees and financed the African Facility, which allows us to support small institutions for the benefit of disadvantaged populations, particularly in rural areas. Since 2020, the partnership with the Foundation has been managed by Proparco, our subsidiary dedicated to the private sector. Beyond the financial partnership, we appreciate the quality of the relationship between our two institutions, marked by trust and transparency. The essential nature of supporting the microfinance sector has been reinforced by the Covid-19 crisis, and working with the Foundation constitutes a solid lever for strengthening the sector.

—Can a large institution like yours and an agile player like the Foundation still invent new ways of acting, and in what priority areas?

RR: It is the complementarity of our two institutions and their modes of intervention that make the partnership strong and relevant in serving several priority areas of intervention, namely: support for the development of microinsurance, particularly agricultural microinsurance; support for microfinance institutions in improving social performance management; development of the digital offering of the microfinance sector; and green microfinance. The context of the crisis has reinforced the relevance of these areas of intervention.

The Covid-19 crisis and gender inequality

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© Philippe LISSAC /Godong – Grameen Crédit Agricole Foundation

By Miren Bengoa, Administrator, member of the Finance, Risks and Impact Committee,
Grameen Crédit Agricole Foundation & Director of International Action, SOS Group

A director of the Grameen Crédit Agricole Foundation since 2020, Miren Bengoa has been the new Director of International Action for the SOS Group since January 2021. Since 2011, she has headed the CHANEL Foundation, which supports projects that improve the economic and social situation of women. Here's her take on the impact of the Covid-19 crisis on gender equality and the responses to it.

— What is the impact of Covid-19 on the status of women?

MB: Rising gender inequality is one of the immediate consequences of the Covid-19 crisis. During this pandemic, we have seen an increase in violence against women and girls and a decline in girls' learning as school dropout rates and child marriages increase. Tens of millions more women have fallen into extreme poverty, as they lose their jobs at a higher rate than men, and suffer from their difficulties in accessing new technologies and their lack of digital skills.

— In a few words, what is the panorama of gender inequalities in the world today?

MB: Current projections indicate that gender equality will not be achieved for another 130 years. In 2020, women represented on average (globally) 4.41% of business leaders, 16.91% of board members, 251% of parliamentarians, and 131% of peace negotiators. Only 22 countries currently have a female head of state or government (UN Women, 2020). We need better representation of women that reflects women and girls in their diversity and capabilities.

— How can female entrepreneurship be a response to the crisis?

MB: Women entrepreneurs have been on the front lines and heavily affected by the decline in economic activity. However, they also bring innovative solutions and must be supported as much as possible by funders and public authorities. Being heavily involved in responding to community needs, they were able to adapt their activities to the constraints caused by the pandemic. This wasn't easy: they sometimes gave up a lucrative activity to prioritize taking care of their families.

— Promoting women's empowerment is one of the Grameen Crédit Agricole Foundation's missions. What should be the priorities to strengthen this ambition?

MB: Since its creation, promoting women's empowerment has been at the heart of the Foundation's work: among the 7 million clients of the microfinance institutions it supports, 73% are women who have benefited from microcredit to create or develop income-generating activities. Maintaining funding, providing flexibility in deferring repayments, and frequently analyzing the needs of these institutions are and will continue to be key to enabling them to regain their capacity to act in favor of women's entrepreneurship.

The Foundation carries out four new financings in sub-Saharan Africa

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© Didier Gentilhomme (AMZ Zambia)

During the first half of 2021, the Grameen Crédit Agricole Foundation continued its financing in sub-Saharan Africa with four new loans granted, including two to new partners.

In Togo, the Foundation granted a new loan to the microfinance institution Assilassim for an amount in local currency equivalent to 2.2 million euros. Assilassimé's mission is to provide sustainable access to appropriate social microfinance services for people in situations of exclusion or extreme poverty with limited access to the traditional microfinance system. The institution primarily seeks to enable them to carry out income-generating activities and improve their living conditions. To date, Assilassimé has more than 19,000 clients, including 91% women.

In Zambia, the Foundation granted a new loan to the microfinance institution AMZ for an amount in local currency equivalent to one million euros. AMZ aims to serve clients who were previously excluded from the formal financial market, primarily due to their poverty or place of residence. The products offered are designed to meet their financial needs. The institution has more than 80,000 clients living in 92% rural areas, of which 56% are women.

In Rwanda, the Foundation granted a first loan to the microfinance institution ASA Microfinance Rwanda for an amount in local currency equivalent to 500,000 euros. ASA Microfinance Rwanda Plc (ASA Rwanda) is an institution established in 2016 by ASA International. Its mission is to contribute to poverty reduction through economic empowerment by ensuring access to financial services to the disadvantaged community in Rwanda.. The institution grants loans using group and individual methodologies. It primarily finances women, who represent more than 95,130 million of its clientele, and operates primarily in rural areas.

Finally, in Kenya, the Foundation also granted an initial loan of an amount in local currency equivalent to 766,000 euros to the microfinance institution YEHU. YEHU is a microfinance institution whose mission is to fight poverty by empowering poor rural entrepreneurs in Kenya to help them escape poverty through greater access to sustainable financial services. This includes enabling them to save while giving them access to microloans, which can be used to start or expand their small businesses. Yehu also offers business training, microinsurance products, and other services to improve the lives of its members. To date, the institution has 28,000 clients, 96% of whom are women. 76% of its clients live in rural areas.

To date, the Grameen Crédit Agricole Foundation has 89 partners in 37 countries and manages a portfolio of 86 million euros, including 46% in so-called fragile countries.

To learn more, Click here.

The Foundation continues to support its partners in Asia

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© Didier Gentilhomme / GCA Foundation

During the first quarter of 2021, the Grameen Crédit Agricole Foundation completed three new financings in Asia, notably in Indonesia.

In Indonesia, the Foundation has granted a new loan to the microfinance institution KOMIDA for an amount in local currency equivalent to 2.2 million euros. KOMIDA is a microfinance institution established in 2004 as a foundation to offer financial assistance in the form of savings and loan services as well as non-financial services such as training in health and family financial management. The institution, which is aimed exclusively at women, currently has nearly 720,000 clients.

Also in Indonesia, the Foundation granted a new loan to the microfinance institution MBK for an amount in local currency equivalent to 5 million euros. "Mitra Bisnis Keluarga" (MBK) is a microfinance institution regulated by the Indonesian Financial Services Authority (FSA) and licensed as a non-bank financing company. Using the Grameen Bank methodology, MBK provides working capital to low-income women in Java to give them access to formal and profitable financial services (financial inclusion), reduce their vulnerability and improve their lives. To date, the institution has more than 1 million clients, exclusively women, who live 75% below the poverty line.

In Myanmar, the Foundation has granted a new loan to the institution Proximity Finance for an amount in local currency equivalent to 1.4 million euros. Proximity is an institution established in 2010 that designs and offers affordable, income-generating financial products for rural families. The institution strives to improve the livelihoods of rural Myanmar by providing innovative financial services tailored to their needs and uses business dynamism to create social value. To date, Proximity has nearly 200,000 clients, including 69% women and 98% rural clients.

To date, the Grameen Crédit Agricole Foundation has 89 partners in 37 countries and manages a portfolio of 86 million euros, including 46% in so-called fragile countries.

To learn more, Click here.

Lazika Capital, a partner of the Foundation, supports Georgian entrepreneurs

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Lazika Capital is a microfinance institution established in 2000 by Oxfam Great Britain in Georgia. Its mission is to facilitate access to financial services tailored to low- and middle-income entrepreneurs. Lazika Capital is now among the leaders in the Georgian microfinance sector and has nearly 14,000 clients. The agricultural sector accounts for 52% of its portfolio.

In 2020, to combat the Covid-19 crisis, Lazika Capital provided significant benefits to its clients directly affected by the health and economic crisis. During this period, the Grameen Crédit Agricole Foundation, along with other lenders, supported Lazika Capital to limit a decline in its liquidity and ensure the institution could continue to finance its clients. Although the health situation improved in 2021, the institution remains actively involved in various public programs aimed at mitigating the negative impact of the pandemic and accelerating economic recovery.

Priority to digitalization

Lazika Capital was the first microfinance organization in Georgia to obtain permission from the National Bank to provide remote services.

To support entrepreneurs, particularly in the agricultural sector, Lazika Capital offers its clients technological improvements to make their products and services more diverse and flexible. For example, the institution uses digital tablets to better manage files in the field. This digital offering was particularly useful during the lockdown period, as clients could apply for loans, receive notifications of their approval, and make repayments without visiting a branch.

The positive results achieved in 2020 demonstrate that Lazika Capital is a resilient institution capable of facing challenges while continuing to be a successful, reliable, and responsible partner in the microfinance sector. For its part, the Grameen Crédit Agricole Foundation continues to support the institution, with which it has been working since 2017, to enable it to continue supporting entrepreneurship in Georgia, despite the challenges faced during this period of uncertainty.

More information on Lazika here.

Solidarity Bankers: six positions available with the Foundation’s partners

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© Godong / Philippe Lissac – Grameen Crédit Agricole Foundation

Two online Solidarity Banker missions and four field missions are currently available for the Grameen Crédit Agricole Foundation.

Solidarity Bankers is a skills volunteering program launched by the Foundation and Crédit Agricole SA in 2018 and intended for all Crédit Agricole Group employees. The program has a twofold objective: firstly, to provide technical support to microfinance institutions and social impact businesses funded by the Foundation, and secondly, to promote the skills of Group employees who are interested in getting involved in projects with a strong social impact.

The missions can take place during the Solidarity Banker's working hours (skills sponsorship) AND/OR during holidays (volunteering).

Currently, six missions are available, online or in the field:

ONLINE MISSIONS

The experts selected for the Online missions will work remotely and will devote the equivalent of one day per week, for 15 weeks, to the mission.

Both online missions are to be filled as soon as possible.

  • “Digital Strategy” Mission for OXUS (Kyrgyzstan)

OXUS Kyrgyzstan (OKG) is a microfinance institution that provides financial services to the working poor and underbanked in Kyrgyzstan. The institution serves 8,000 active borrowers and manages a portfolio of €6.4 million.

A Solidarity Banker mission is planned for July 2021 to support OKG in evaluating its digitalization processes and developing a new digital strategy. The expert sought is a Crédit Agricole employee with significant experience in IT project management. Fluency in English is essential.

The mission sheet is available by clicking here.

  • “Financial Management” Mission for FATEN (Palestine)

FATEN is a microfinance institution in Palestine. The institution has more than 26,000 clients and manages a portfolio of 108 million euros.

The selected Crédit Agricole expert will support FATEN in updating financial procedures, policies, and tools. The Solidarity Banker must be fluent in English and have knowledge of international financial reporting standards, particularly the latest changes to IFRS 16 and IFRS 9. Fluency or very good knowledge of Arabic is a plus. At a minimum, fluency in English will be required.

The mission sheet is available in clicking here.

FIELD MISSIONS

The four field missions are to be filled as soon as possible, subject to health conditions.

  • “Logistics/Purchasing Support” Mission for Oshun (Senegal)

Oshun is a social enterprise that offers inclusive solutions, particularly in the form of solar-powered water kiosks, providing access to clean water for the most vulnerable populations. Oshun Senegal is completing an administrative and HR restructuring process and is looking to strengthen its support functions, primarily logistics and purchasing.

The selected Crédit Agricole expert will support Oshun in implementing procedures to simplify and secure logistics, purchasing and supply management, and strengthen the relevant employees. The mission will last 10 days, initially remotely from France and then on the ground in Senegal if health conditions permit. The Solidarity Banker must have solid experience in logistics and purchasing management and, ideally, training and coaching experience in the field of purchasing.

The mission sheet is available in clicking here.

  • “LBC-FT” mission in favor of SEF (South Africa)

SEF is a microfinance institution that provides loans through a network of 98 branches in South Africa. The institution has 225,317 active borrowers and manages a portfolio of over €45 million.

The selected Crédit Agricole expert will support the Quality and Compliance Department and the Training Department by developing relevant training materials on AML/CFT issues for employees. The Solidarity Banker must have at least five years of compliance experience. The assignment will last two weeks, including 10 days in the field.

The mission sheet is available in clicking here

  • Marketing Mission for Lazika Capital (Georgia)

Lazika Capital is a Tier 2 microfinance institution in Georgia. The organization operates through 18 branches in western Georgia.

The selected Crédit Agricole expert will evaluate the organization's marketing actions and strategy and develop a marketing plan for mid-2021/2020. The Solidarity Banker must have solid marketing experience. A good command of English is required. The mission will last 20 days, including 10 days in the field.

The mission sheet is available in clicking here

  • “Digital Strategy” Mission for Smart Credit (Moldova)

Smart Credit is a microfinance institution that provides financial services to socially disadvantaged people and small Moldovan entrepreneurs. The institution has over 3,000 active borrowers and manages a portfolio of €4.4 million.

The Solidarity Banker's mission will be to help build Smart Crédit's digital strategy. The expert is a Crédit Agricole Group employee who is fluent in English and has experience in IT project management.

The mission sheet is available in clicking here.

How to apply?

To discover the detailed mission offers:

  1. Go to the CA Solidaires website: “Get involved” tab then “ Solidarity leave »
  2. Click on the offer of your choice, you will find all the information necessary for your application.

For more information, you can contact:  cecile.delhomme@credit-agricole-sa.fr

Microinvest supports investments to modernize agriculture in Moldova

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Meeting with Dumitru Svinarenco, General Director of Microinvest (Republic of Moldova), about investments in Moldovan agriculture in the main agricultural lending institutions.

1. Can you present Microinvest in a few words?

Microinvest is a non-banking credit institution with mixed capital. We have successfully demonstrated our leading role in the Moldovan financial market by supporting local businesses, agriculture, and individuals, and by directly contributing to the development of the country's economy.

We rank 6th in the banking system by the size of our portfolio, while maintaining first place in the non-bank credit market in the country.

We stand out from other financial institutions thanks to the personalized solutions and significant advantages in the lending process we offer to each client, including agricultural entrepreneurs. We are the only Non-Bank Financial Institution (NBFI) in Moldova to hold the international quality certificate – SMART, which proves that we are a responsible and trustworthy lender.

2. Agriculture is one of the fundamental pillars of the Moldovan economy and is also a priority sector for Microinvest. How did 2020 affect your clients and your organization?

Every year, the agricultural sector grows and modernizes thanks to successful entrepreneurs and responsible investments. 30% of our overall loan portfolio and more than 40% of our business loan portfolio are dedicated to the agricultural sector, supporting businesses and farms that need financial investments for quality agriculture.

The year 2020 had a major impact on the Moldovan agricultural sector, directly impacted by the Covid-19 crisis, but also by the unprecedented drought we experienced. Harvests this season were very poor.

3. How did you go about helping the agricultural sector cope with these crises?

Microinvest was among the first organizations to waive penalties for both entrepreneurs and individuals. Throughout this period, our experts assessed each entrepreneur's situation. We were flexible in finding solutions to restructure and extend loan terms without charging fees.

From the outset of the crisis, we continued to lend to farmers to enable them to begin the growing season on schedule. Despite the challenges, some of our clients have managed to develop successful family businesses and generate positive returns from their investments.

4. Microinvest has been funded by the Grameen Crédit Agricole Foundation (FGCA) since 2020. How has the Foundation supported your organization during this pandemic?

Microinvest began working with FGCA in 2019 and signed the first loan agreement in May 2020, at the height of lockdown restrictions imposed by most countries.

This first loan from the Foundation provided impetus to other lenders, demonstrating that even new lenders were confident in our financial stability and ability to respond to the crisis. The second loan was already disbursed in March 2021.

The Foundation maintained transparent communication with us, listened to our needs, and supported the search for suitable solutions. We consider the Foundation a reliable partner, which is why we plan to develop and strengthen this cooperation in the future.

5. What will be your strategic priorities for the coming years? What role do you play in digitalization?

Digitalization plays a key role in our communications and development strategy. We take a balanced approach, combining digital automation with personalized customer interactions, on-site visits, and direct interactions.

Entrepreneurs value the expertise and depth of a personalized approach that allows us to offer tailored financial solutions. At the same time, we're increasingly opting for the massive digitalization of retail services, which simplifies the lending process and saves our clients valuable time.

We are convinced that agriculture in Moldova is one of the strategic pillars of our country. We support individuals and legal entities in their business growth and transformation projects. In 2021, we introduced a special offer for business clients – unsecured loans up to MDL 1,700,000, so they can confidently achieve their goals.

Both farmers and we have high expectations for the new agricultural season. A good year will provide additional impetus to the agricultural sector, but also increase willingness to invest in modernizing farming practices by purchasing new, more efficient equipment.

Learn more about Microinvest.

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