Since January 2021, the Grameen Crédit Agricole Foundation has pursued its financing in Eastern Europe and Central Asia and has thus 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 over a three-year period. The Kosovo Finance Agency (AFK) is a microfinance institution that aims to improve living conditions in Kosovo by providing access to sustainable financial services to micro and small businesses. AFK aims to promote the development of rural areas as well as women entrepreneurs and minorities. The institution serves 19,300 active borrowers (22% of them women and 51% of them living 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 over a three-year period. Microinvest provides microcredit and business start-up assistance to small entrepreneurs in many regions of the Republic of Moldova. 70% of its loan portfolio corresponds to loans to private entrepreneurs living in rural areas. The institution has nearly 37,000 clients, 66% of whom live in rural areas and 41% of whom are women.
In Montenegro, the Foundation granted a loan to the microfinance institution Monte Crédit for an amount of one million euros, over a three-year period. Founded in 2005, Monte Credit is a microfinance institution whose mission is to empower rural families to create income and jobs, freeing up economic potential so that communities thrive. The institution has more than 4,000 clients, 54% of whom are women and 51% of whom 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. OXUS Kyrgyzstan is a microfinance institution created in 2006 by OXUS Group and ACTED. It is a responsible company committed to providing financial services to the working poor and the under-banked in Kyrgyzstan. To date, the institution has nearly 8,000 clients, 48% of whom are women and 62% of whom are clients in rural areas.
In Kazakhstan, the Foundation granted a new loan to the Asian Credit Fund (ACF) microfinance institution for an amount in local currency equivalent to one million euros. ACF is a microfinance institution created in 1997 by the American NGO Mercy Corps. ACF’s financial services are designed to promote the development of rural households, the growth of small businesses and home ownership. ACF adheres to a specialised community lending model that offers tailor-made financial solutions, business advice and technical assistance to its clients. To date, the institution has 27,000 clients, 70% of whom are women and 93% of whom are rural areas clients.
Finally, in Tajikistan, the Foundation granted a new loan of an amount in local currency equivalent to €1.2 million to the microfinance institution HUMO. HUMO 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, 37% of whom are women and 75% of whom live in rural areas. Also in Tajikistan, the Foundation granted a new loan to the microfinance institution OXUS Tajikistan for an amount in local currency equivalent to one million euros over a three-year period. OXUS Tajikistan mainly 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 who are not served by the banking sector. To date, the institution has over 14,000 clients, 36% of whom are women and 79% of whom live in rural areas.
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