The Foundation grants 7 new loans in Eastern Europe and Central Asia

© Philippe LISSAC (Godong) / GCA Foundation

Since January 2021, the Grameen Crédit Agricole Foundation has continued its financing in Eastern Europe and Central Asia and has 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 euros over a period of three years. The Agency for Finance in Kosovo (AFK) is a microfinance institution whose goal is to improve living conditions in Kosovo by providing access to sustainable financial services to microenterprises and small businesses. AFK aims to encourage the development of rural areas as well as women entrepreneurs and minorities. The institution serves 19,300 active borrowers (22% women and 51% 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 euros over a period of three years. Microinvest provides microcredit and business start-up assistance to small entrepreneurs in many regions of the Republic of Moldova. 70,% of the loan portfolio corresponds to loans to private entrepreneurs living in rural areas. The institution has nearly 37,000 clients living in rural areas, 41% of whom are women.

In Montenegro, the Foundation granted a loan to the microfinance institution Monte Credit for one million euros over a period of three years. Founded in 2005, Monte Crédit is a microfinance institution whose mission is to empower rural families to create income and jobs, unlocking economic potential so communities can prosper. The institution has more than 4,000 clients, of whom 54% are women and 51% 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 euros. OXUS Kyrgyzstan is a microfinance institution established in 2006 by OXUS Group and ACTED. A responsible company, it is committed to providing financial services to the working poor and underbanked in Kyrgyzstan.To date, the institution has nearly 8,000 clients, including 48% women and 62% clients in rural areas.

In Kazakhstan, the Foundation granted a new loan to the microfinance institution Asian Credit Fund (ACF) for an amount in local currency equivalent to one million euros. ACF is a microfinance institution established in 1997 by the American NGO Mercy Corps. ACF's financial services are designed to promote rural household development, small business growth, and home ownership. ACF adheres to a specialized community lending model that offers tailored financial solutions, business advice, and technical assistance to its clients. To date, the institution has 27,000 clients, including 70% women and 93% clients in rural areas.

Finally, in Tajikistan, the Foundation granted a new loan in local currency equivalent to 1.2 million euros to the microfinance institution HUMOHUMO 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, including 37% women and 75% rural clients. Also in Tajikistan, the Foundation also granted a new loan to the microfinance institution. OXUS Tajikistan for an amount in local currency equivalent to one million euros over a period of three years. OXUS Tajikistan primarily 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 more than 14,000 clients, including 36% women and 79% in rural areas.

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