The Foundation and CACIB join forces to support microfinance in India

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The Grameen Crédit Agricole Foundation and Crédit Agricole Corporate and Investment Bank (Crédit Agricole CIB) are partnering to support and finance Indian microfinance institutions that support projects for populations excluded from the traditional banking system. Through this partnership, the Crédit Agricole Group is leveraging its expertise for inclusive finance in India and committing €12 million in financing.

Crédit Agricole CIB will grant loans totaling €12 million in local currency equivalent to Indian microfinance institutions under the guarantee and supervision of the Grameen Crédit Agricole Foundation. The Foundation will handle the origination, processing, and monitoring of financing applications. The loans granted to the institutions will help promote access to financial services for as many people as possible to encourage the development of income-generating activities. Rural populations and women entrepreneurs will be the primary beneficiaries.

Through this partnership, Crédit Agricole CIB is positioning itself as a committed player in inclusive finance in India. "The complementary expertise played an optimal role here, with the Foundation bringing its deep understanding of microfinance issues and Crédit Agricole CIB's Indian branches their proven knowledge of the complex and evolving local banking regulations," said Emmanuel Bouvier d'Yvoire, Senior Country Officer for India at Crédit Agricole CIB. Present in India since 1981, Crédit Agricole CIB has offices in Bangalore, Chennai, Delhi, Mumbai, and Pune.

"Alongside Crédit Agricole CIB, we support institutions that promote the development of rural economies in India. This cooperation demonstrates the Group's commitment to acting every day in the interest of society," said Eric Campos, Managing Director of the Foundation and Director of CSR at Crédit Agricole SA. For the Foundation, this is a great opportunity to work in India, where microfinance is highly developed but where financial exclusion remains a challenge.

The first financing is the granting of a loan of INR 5 million, guaranteed up to 100 % by the Foundation, to the Indian company Fusion Microfinance. This company offers financial products and services to more than 1,254,007 women, mainly in rural areas (86 %), who make up its entire clientele. The institution has a portfolio of €237 million. It is present in 17 Indian states, with a network of 440 branches and 3,695 employees.