The Foundation makes two new investments in sub-Saharan Africa

©Philippe Lissac

The Grameen Crédit Agricole Foundation is continuing its investments in sub-Saharan Africa, its priority area of intervention, with two new investments, including one with a new partner.

In Mali, the Foundation financed Baobab Mali (formerly Microcred), a Baobab Group entity, for the first time with a local currency loan equivalent to €2.5 million. Baobab Mali began its operational activities in 2013 in Bamako. It is a microfinance institution created at the initiative of a group of international partners eager to contribute to Mali's economic and social development. To qualify for loans, entrepreneurs must demonstrate one year of activity and six months of uninterrupted operations on their premises. To date, the institution has nearly 20,000 clients, including 46,000 women and approximately 35,000 clients in rural areas.

The Foundation also granted a new loan of €790,000 equivalent in local currency to the microfinance institution Bimas in Kenya. A partner of the Foundation since 2014, Bimas is a microenterprise development program (MED-P) established in 1992 under the auspices of PLAN Embu. Its objective was to provide training and credit to small businesses in the Gachoka sector of Mbeere district. The institution has continued to expand its activities targeting the unbanked population in the Embu region in order to contribute to sustained economic growth and employment in the rural sector, which will result in improved social well-being and increased income for the rural population in Kenya. To date, the institution has nearly 19,000 clients, including 65% women and 90% rural clients.