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A \u20ac10 million guarantee has just been granted by the Agence Fran\u00e7aise de D\u00e9veloppement (AFD) Group, represented by its subsidiary Proparco, to the Grameen Cr\u00e9dit Agricole Foundation. This financing will enable the Foundation to continue supporting microfinance institutions in Sub-Saharan Africa. Proparco has also just granted a new \u20ac5 million loan to the Grameen Cr\u00e9dit Agricole Foundation, which will enable it to consolidate its support for its partner microfinance institutions in the exceptional context of the Covid-19 crisis.<\/p>\n
The partnership between AFD Group and the Grameen Cr\u00e9dit Agricole Foundation is long-standing. One of the flagship joint projects is the African Facility (1) program launched in 2013. It allows the Foundation to offer financing and technical assistance tailored to small and medium-sized rural microfinance institutions in sub-Saharan Africa.<\/p>\n
The AFD Group also supports the Foundation in financing its partner microfinance institutions through a portfolio guarantee mechanism, the ARIZ guarantee, which covers 50,% of the loans it grants to microfinance institutions. This mechanism has just been renewed for the sixth time, providing coverage for the loans the Foundation will grant to microfinance institutions in Sub-Saharan Africa over the next two years. Together, the AFD Group and the Foundation have adapted the eligibility conditions, in particular to include microfinance institutions with a highly social vocation but which are less mature.<\/p>\n
The health and economic crises generated by Covid-19 are particularly affecting the most vulnerable populations. According to the World Bank, the crisis could push 150 million people into extreme poverty by 2021 (2). This issue is at the heart of the work of the Grameen Cr\u00e9dit Agricole Foundation, which has been contributing to the fight against poverty through financial inclusion and entrepreneurship for 12 years. The Foundation finances and supports microfinance institutions that serve populations excluded from the traditional banking system, mainly women (88%) and rural populations (84%), in around forty countries.<\/p>\n
\u201cThe AFD Group is a leading partner of the Grameen Cr\u00e9dit Agricole Foundation. It has supported us for many years and enabled us to increase our impact, primarily in rural areas of emerging countries. In the context of Covid-19, the Foundation's mission takes on a very special significance. We are working to enable vulnerable populations to escape poverty by providing them with access to financial services through socially efficient microfinance institutions. The health crisis has severely tested local economies. Alongside the AFD Group, we are innovating, adapting, and providing enhanced support to these institutions to strengthen their resilience and their ability to cope with the economic effects of this global crisis,\u201d said Eric Campos, Managing Director of the Grameen Cr\u00e9dit Agricole Foundation and Director of CSR at Cr\u00e9dit Agricole SA.<\/p>\n
\u201cAfter 10 years of cooperation in the service of financial inclusion, Proparco and the AFD Group are delighted to once again support the Grameen Cr\u00e9dit Agricole Foundation in the midst of 2020, which saw the Foundation\u2019s partner microfinance institutions severely affected by the crisis. As a key player in access to finance, particularly for vulnerable populations in rural areas, the Foundation plays a major role in supporting its partner institutions and their clients during this difficult period. The renewal of the portfolio guarantee envelope granted by the AFD Group to the Foundation, as well as the financing lines granted in 2020, aim to strengthen the Foundation in its social mission to promote financial inclusion,\u201d said Guillaume Barberousse, Head of Banking and Financial Markets at Proparco.<\/p>\n
These new measures will strengthen the collective action of the AFD Group and the Foundation to promote the resilience of microfinance institutions and their clients in the face of this unprecedented crisis.<\/p>\n
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(1) https:\/\/www.gca-foundation.org\/assistance-technique\/facilite-africaine\/<\/a> Une garantie de 10 M\u20ac vient d\u2019\u00eatre accord\u00e9e par le Groupe Agence Fran\u00e7aise de D\u00e9veloppement (AFD), repr\u00e9sent\u00e9 par sa filiale Proparco, \u00e0 la Fondation Grameen Cr\u00e9dit Agricole. Ce financement permettra \u00e0 la Fondation de continuer \u00e0 soutenir les institutions de microfinance en Afrique Subsaharienne. Proparco vient \u00e9galement d\u2019accorder un nouveau pr\u00eat de 5 M\u20ac \u00e0 […]<\/p>\n","protected":false},"author":7,"featured_media":12312,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"pays-actualite":[],"types-publications-media":[],"class_list":["post-12299","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-actualite"],"acf":[],"yoast_head":"\n
\n(2) Access the World Bank Communique (2020) here<\/strong><\/a><\/p>","protected":false},"excerpt":{"rendered":"