The Foundation grants seven new grants in sub-Saharan Africa
During the first half of the year, the Grameen Crédit Agricole Foundation granted seven new financings in sub-Saharan Africa to long-standing partners. With these new investments, the Foundation brings its commitments in sub-Saharan Africa to nearly €41 million, representing €411 million of the Foundation's total commitments as of the end of August 2019.
In Benin, the microfinance institution RENACA received a loan in local currency equivalent to €762,000. RENACA is a mutual institution whose mission is to significantly strengthen the economic base of rural populations. To date, the institution has 27,000 clients located in 801 rural areas, including 59.51 women.
In Kenya, the Foundation granted a new local currency loan equivalent to €2 million to the Musoni microfinance institution. The institution makes extensive use of information and communication technologies to manage its activities efficiently and adapt quickly. To date, the institution has 44,000 clients, including 66,313 women and 63,313 rural clients.
In Uganda, ENCOT received a new local currency loan equivalent to €296,000. This loan was granted under the African Facility, a program developed by the Grameen Crédit Agricole Foundation in partnership with the French Development Agency to support small microfinance institutions in sub-Saharan Africa. ENCOT is an institution that offers financial and business development services. To date, the institution has 6,200 clients, including 561,000 women and 88,410,000 clients in rural areas.
In the Democratic Republic of Congo, the Foundation granted a €540,000 loan under the African Facility to the microfinance institution Paidek, whose role is to finance the development of small-scale commercial and livestock activities. To date, Paidek has 15,500 clients, including 511,000 women and 31,210,000 clients in rural areas.
In Zambia, the Foundation also granted a new local currency loan equivalent to €300,000 to the microfinance institution Agora Microfinance Zambia (AMZ), also within the framework of the African Facility. AMZ is a microfinance institution that specifically targets low-income individuals with appropriate financial products. It currently has 37,100 clients, including 581,300 women and 851,300 clients in rural areas.
Finally, in Senegal, the Foundation granted a loan to CAURIE Microfinance in local currency equivalent to €1.14 million. CAURIE's mission is to contribute sustainably to the economic and social advancement of microentrepreneurs. The institution currently has 72,200 clients, including 99% women and 55% in rural areas. A second investment was made in Senegal in the form of a stake in Laiterie du Berger for an amount equivalent to €99,700. Laiterie du Berger, in which the Foundation has been a shareholder since 2010, is a social enterprise that recycles milk collected from Fulani herders in the north of the country, transforming it into yogurts and other dairy products sold under the Dolima brand.
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