In November, the Grameen Crédit Agricole Foundation again signed a partnership in Palestine with the microfinance institution FATEN, for a loan of an equivalent amount in local currency of one million euros. The Foundation now has two partners in Palestine where it has been present since 2012.
FATEN, an NGO that provides financial products and services to small entrepreneurs in the country, as well as farmers who own isolated land near the Israeli separation wall. Its product offering includes group loans, individual loans, Islamic loans, and housing and start-up loans.
FATEN is the largest microfinance institution in the region and is active in remote areas. The current stability has allowed the institution to develop while continuing to serve a majority of women, with a strong presence in rural areas and refugee camps.
Created in 2008, under the joint impetus of the directors of Crédit Agricole S.A. and Professor Yunus, winner of the 2006 Nobel Peace Prize and founder of the Grameen Bank, the Grameen Crédit Agricole Foundation is a multi-business operator that contributes to the fight against poverty through financial inclusion and entrepreneurship with a social impact. As an investor, lender, technical assistance coordinator and fund advisor, the Foundation supports microfinance institutions and social enterprises in nearly 40 countries.