The Foundation: 10 years of action for financial inclusion and entrepreneurship

© Philippe Lissac

2018 marked the 10th anniversary of the Grameen Crédit Agricole Foundation. Created by Crédit Agricole and Nobel Peace Prize winner Professor Yunus, the Foundation aims to contribute to the fight against poverty by promoting social impact entrepreneurship and financial inclusion. Since its inception, more than €200 million in funding has been granted to over 100 partners—microfinance institutions that then provide microloans to populations excluded from the traditional banking system and social enterprises that work with low-income people—working in 38 countries.

As of December 31, 2018, the Foundation had recorded €81 million in commitments, including €75.7 million in financing to microfinance institutions and €4.5 million in investments to social impact businesses. Sub-Saharan African countries account for 37% of these commitments. At the heart of its objectives, the Foundation promotes women's entrepreneurship and rural economies through the institutions it supports: 75% of microcredit beneficiaries are women and 79% live in rural areas.

Strong partnerships with the Crédit Agricole group

In 2018, several projects were launched in partnership with Crédit Agricole Group entities and Regional Banks. In partnership with CA Indosuez Wealth (Asset Management) and CACEIS Bank, Luxembourg Branch, the Foundation launched the Rural Inclusive Finance Fund (FIR) in 2018, a social impact investment vehicle enabling Crédit Agricole Group entities to invest in microfinance. The FIR, for which the Foundation has an exclusive advisory mandate, provides financing to microfinance institutions in rural areas. With the first two fundraising rounds in September and December 2018, the participation of 15 Regional Banks of Crédit Agricole, Amundi, and Crédit Agricole Assurances was confirmed for an additional amount of nearly €8 million.

In collaboration with Crédit Agricole Group entities, the Foundation has established a skills volunteer program called "Solidarity Bankers," offering technical assistance missions to Group employees on behalf of the Foundation's partners. Three missions were carried out in Burkina Faso, Senegal, and Cambodia in 2018. Three new missions are being prepared for launch in the first half of 2019 in Morocco, Kazakhstan, and Haiti.

2018 was also the year of preparation for the Foundation's 2019-2023 strategic plan. Strengthening its offering to microfinance institutions, promoting the development of rural economies, and developing partnerships with the Crédit Agricole Group will be at the heart of the Foundation's actions in the coming years.