During the last half of 2020, the Grameen Crédit Agricole Foundation granted three new fundings in sub-Saharan Africa, in particular in Benin and Malawi, which add to the two loans granted in Zambia to MLF Zambia and EFC Zambia.
In Benin, the Foundation granted a new loan to the ACFB microfinance institution for an amount in local currency equivalent to €305,000. ACFB, partner of the Foundation since 2017, offers a wide range of financial and non-financial services adapted to the needs of marginalised populations excluded from traditional financial systems. ACFB is a benchmark institution for the promotion of women’s empowerment and the development of microenterprises. To date, the institution has over 32,000 active clients, 88% of whom are women and 95% of whom live in rural areas.
Also in Benin, the Foundation granted a new loan to the microfinance institution COMUBA for an amount in local currency equivalent to €500,000. COMUBA was created in 2000 and offers financial and non-financial services notably through group loans. Partner of the Foundation since 2015, the institution has around 32,000 active clients, 90% of whom are women.
Likewise, the Grameen Crédit Agricole Foundation granted a new loan to the microfinance institution MLF Malawi, for an amount in local currency equivalent to €284,000. Created in 2002, MLF has nearly 30,000 active clients, exclusively women 70% of whom live in rural areas. The institution offers a wide range of products to support agriculture and small business development.
These new financings were granted within the framework of the African Facility programme launched in 2013 in partnership with the French Development Agency (AFD) and bring the total number of partners in Sub-Saharan Africa to 40, which represents 39% of the Foundation’s portfolio as of December 2020.
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