The Foundation makes new investments in Asia

© Didier Gentilhomme

The Grameen Crédit Agricole Foundation has made new investments with its Asian partners, granting five loans in Indonesia, Burma, Sri Lanka, and Cambodia. In Asia, the Foundation has 14 partners, representing 251,000 TND of its total outstanding loans as of the end of December 2018.

It thus granted a loan of 2.1 million euros to KOMIDA, a long-standing partner of the Foundation, which works exclusively with women in Indonesia. KOMIDA is a microfinance NGO that began offering microcredit in 2005 to the tsunami-affected population in the province of Banda Aceh. The institution transformed into a savings and credit cooperative in 2008 and now has more than 545,000 clients.

The Foundation also granted a €1.1 million loan to Proximity in Burma. Proximity Finance is a microfinance program developed by Proximity Designs that aims to eradicate extreme poverty in the country by treating the poor as clients and offering innovative and affordable technologies and services to the families it finances, who earn their living by cultivating small plots of land. The institution has nearly 100,000 clients, including 66,133 women.

In Sri Lanka, the microfinance institution Berendina, whose mission is to reduce poverty and provide better living conditions for the country's poorest groups, received a guarantee from the Foundation for an amount of 331,000 euros. To date, Berendina has 99,000 clients, including 87% women. All of its clients are located in rural areas.

Finally, in Cambodia, the Foundation granted two new grants to AMK and Chamroeun, each worth €2.5 million and €973,000. AMK (Angkor Mikroheranhvatho (Kampuchea) Co. Ltd) primarily provides loans through the "village banking" methodology, primarily targeting poor women in rural areas, as well as agricultural activities. Since 2010, the institution has also been authorized to collect savings. To date, it has nearly 325,000 clients in 93% rural areas and 81% women. Chamroeun, for its part, has 26,300 clients and is a microfinance institution that places social vocation at the heart of its business model. It provides financial services to the poorest and also offers them a range of training and support services.

To learn more about the Foundation's partners, click here.