Foundation grants loan to new partner in Zambia

© Oleksandr Rupeta / Alamy Stock Photo

The Grameen Crédit Agricole Foundation continues its investments in East Africa with a first local currency loan equivalent to 1.5 million euros granted to the microfinance institution. Entrepreneurs Financial Center (EFC) in Zambia, over a period of three years.

EFC is a microfinance institution founded with the intention of providing working capital solutions for micro, small, and medium-sized enterprises (MSMEs), with a focus on innovating products tailored to client needs. The institution, which also accepts savings, has approximately 3,000 borrowers, including 42% women and 6% rural clients. With this loan, the Foundation now has €32 million in outstanding loans in the sub-Saharan African region, representing 39% of the outstanding loans monitored by the Foundation.
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Created in 2008, under the joint leadership of Crédit Agricole SA's management and Professor Yunus, 2006 Nobel Peace Prize winner and founder of Grameen Bank, the Grameen Crédit Agricole Foundation is a multi-sector operator that contributes to the fight against poverty through financial inclusion and social impact entrepreneurship. As an investor, lender, technical assistance coordinator, and fund advisor, the Foundation supports microfinance institutions and social enterprises in 39 countries.

For more information on the organizations supported by the Foundation, Click here.