Fund's Portfolio
Funded institutions
Beneficiaries of funded institutions
Beneficiaries in rural areas

Launched in 2018 by the Grameen Crédit Agricole Foundation, CA Indosuez Wealth (Asset Management) and CACEIS Bank, Luxembourg Branch, the Fund for Inclusive Finance in Rural Areas (FIR) is the first microfinance fund of Crédit Agricole. It offers the Regional Banks and entities of the Crédit Agricole SA Group the opportunity to invest in the financing of rural microfinance institutions in emerging countries serving people traditionally excluded from the banking sector.

Selection criteria


The Grameen Credit Agricole Fund (the “GCA Fund”) and its sole sub-Fund, the FIR[1] (hereafter referred as the “sub-Fund”) were initiated by the Grameen Credit Agricole Foundation, also Investment Advisor of the GCA Fund (the “Investment Advisor” or the “Foundation”). Innpact Fund Management S.A. is the alternative investment fund manager of the sub-Fund (the “AIFM”). The GCA Fund qualifies as an alternative investment fund in accordance with the Law of 12 July 2013 on alternative investment fund managers.


The sub-Fund promotes social characteristics within the meaning of Article 8 of the SFDR. The sub-Fund aims at offering financial instruments to partner microfinance institutions (“MFIs”), which are selected according to their social goals and caters in priority to rural MFIs whose core mission is to combat poverty and promote the financial inclusion of the poorest, and mostly women, through a range of suitable and accessible microfinance services. The social characteristics of the sub-Fund are integrated throughout the investment process of the sub-Fund as reflected in eligibility criteria and monitoring systems. Both allow to check compliance with Minimum Safeguards and are adapted to the ESG risk profile of the potential investee. In addition, the sub-Fund is actively engaging with partner MFIs to encourage the adoption of better management practices on environmental, social and governance issues when risks are identified.

[1] FIR stands for Finance Inclusive en milieu Rural in French, which translates as Rural and Inclusive Finance in English.