The Foundation finances microfinance institutions in Mali and Romania

© Philippe Lissac

The Grameen Crédit Agricole Foundation has funded two new partners, including one in a new country. With these two new partners, the Foundation now supports 83 organizations in 40 countries.

It thus granted an initial loan of FCFA equivalent to €1.5 million to Cofina Mali, a subsidiary of Cofina SA that provides inclusive financial services. The institution offers lending, savings, and money transfer services to micro and small businesses as well as individuals. It also provides training in financial education and business development. Cofina Mali has more than 2,500 active clients, including 28% women.

The Foundation also invested for the first time in Romania, in the form of a guarantee of an amount in local currency equivalent to 1.5 million euros granted to the microfinance institution VITASVITAS provides home improvement loans to nearly 2,000 clients, mostly small and micro-enterprises and individuals. Known until 2012 as Express Finance, it is now one of the leading players in the Romanian microfinance market. Its target clientele consists of people with no access to traditional banking services as well as low-income individuals. This financing is provided through a partnership between the Foundation and Crédit Agricole Romania to support Romanian microfinance institutions that serve people excluded from the traditional banking system.

See all supported organizations, here.