The Grameen Crédit Agricole Foundation has granted a loan of $2 million to the microfinance institution FINCA Jordan under a partnership with CoopMed. This operation is part of a long-term cooperation scheme by and between the Foundation and FINCA International.
FINCA Jordan: A decade of actions in favour of entrepreneurship
The FINCA international network has since 1985 been promoting access to financing for low-income persons. With 1.9 million clients in more than 20 countries, it operates in Africa, the Middle East, Eurasia, Latin America and the Caribbean, where it has provided advice and support for entrepreneurial projects by more than 4 million borrowers, mostly women.
Founded in 2007, FINCA Jordan has 9 branches and 29,000 clients. With an average loan of $1,550, the outstanding loans amount to $29 million. This MFI provides financing suitable for small and medium-sized companies and solidarity and personal loans.
Impactful tripartite cooperation
FINCA Jordan becomes a new partner of the Foundation under a partnership by and between the Grameen Crédit Agricole Foundation and Inpulse, which manages a social impact fund. Socially efficient and economically viable, FINCA Jordan thus benefits from financing to the tune of $2 million.
The Grameen Crédit Agricole Foundation consolidates its presence in the Middle East through this intervention. Active in 30 countries, the Foundation continues its effort in favour of access to financing for persons who are traditionally excluded from the banking sector. With this partnership, Inpulse has an investment capacity of €58 million, whilst reinforcing its presence and action in one of its 14 countries of intervention.
This joint operation financed by two European impact investment players illustrates the interest of inclusive finance partnership. Sharing the same base of fundamental values, the Grameen Crédit Agricole Foundation, Inpulse and FINCA International have embarked on the same path for the future – that of a better shared economy reinforced by those who believe in the strength and virtue of alliances.