The Foundation funds a new partner in Kenya

The Grameen Crédit Agricole Foundation is continuing its investments in sub-Saharan Africa with the signing of new partnerships, particularly in Kenya where it has a new partner.

Sumac Microfinance Bank is a microfinance institution established in 2002 by a group of 14 investors who initially formed an investment group to help plan a better future for themselves. In 2004, the institution opened its doors to the public under the name Sumac Credit Ltd with the mission of empowering entrepreneurs who could not meet the strict lending requirements of commercial banks.

The institution's focus on business services is driven by the fact that commercial enterprises are the backbone of the country's economy. Sumac's promise is to always offer the best financial services to businesses.

The Grameen Crédit Agricole Foundation has granted its first loan to Sumac, for an amount in local currency equivalent to €2 million over a period of two years. With this new loan, the Foundation now has 40 partners in sub-Saharan Africa, including six in Kenya. This represents 531,000 million of the partners supported by the Foundation and 321,000 million of the portfolio under management.

For more information on Foundation partners, click here.