The Foundation awards three new grants in South and Southeast Asia
During the first half of 2022, the Grameen Crédit Agricole Foundation granted three new financings in Asia. To date, the Foundation manages a portfolio of €89 million, including €301 million in South and Southeast Asia.
In Cambodia, the Foundation granted a new loan to the microfinance institution Chamroeun for an amount equivalent to 3 million euros. Chamroeun is a Cambodian microfinance institution that places social vocation at the heart of its business model. It provides financial services to the poorest, excluded from the offerings of more commercial microfinance institutions. In order to maximize the impact of credit and effectively assist very poor families, in addition to the financial component, Chamroeun also offers a range of training and economic, social, and personal support services. To date, the institution has more than 45,000 clients, including 80% women.
In Indonesia, the Foundation has granted a new loan to the microfinance institution KOMIDA for an amount in local currency equivalent to 3 million euros. KOMIDA is a microfinance institution established in 2004 as a foundation. Its mission is to provide financial assistance in the form of savings and loan services, non-financial services (health training), motivational education for members' children, family financial management, and the provision of quality services to members. The institution, which transformed into a savings and credit cooperative in 2008, is aimed exclusively at women. To date, the institution has nearly 720,000 clients located in 97% in rural areas.
Finally, in India, the Foundation granted a guarantee of an amount equivalent to 4.4 million euros to the microfinance institution Merger, for a local currency loan granted by CACIB India. Fusion Microfinance is a microfinance institution established in 2009 by Devesh Sachdev. Its mission is to be a self-sustaining financial institution that leverages the existing distribution network to channel other products and services. Fusion has a social vision and a business orientation aimed at providing disadvantaged women with economic opportunities to transform their quality of life. To date, the institution has more than 2 million clients, exclusively women.
As of the end of May 2022, the Foundation had 75 partners in 36 countries. 15% of these partners are located in South and Southeast Asia.
More information on the organizations supported by the Foundation here.
