Crédit Agricole supports the development of the Foundation

© Philippe Lissac

The Crédit Agricole Group is supporting the Grameen Crédit Agricole Foundation's development strategy with new funding of €14 million from CACIB (Crédit Agricole Corporate & Investment Bank). This funding allows the Foundation to continue its commitment to serving underbanked populations.

The Crédit Agricole Group, a key partner of the Foundation

The Foundation was created in 2008 under the joint leadership of Crédit Agricole SA and Professor Yunus, 2006 Nobel Peace Prize winner and founder of Grameen Bank. Since its inception, the Crédit Agricole Group has supported the Foundation's activities in the microfinance and social entrepreneurship sectors.

It is within the framework of this historic partnership that a €14 million loan was granted by CACIB to the Foundation. This financing, in dollars and euros, allows the Foundation to continue and expand its commitment to the financial inclusion of disadvantaged populations by creating or strengthening small income-generating activities in the countries where it operates.

Renewed growth objectives for the Foundation

The loan granted by CACIB contributes to the financing of the Foundation's development plan, which has set the objective of achieving a portfolio of commitments of around 100 million euros by 2021. At the end of August 2018, the Foundation's outstanding amount in favor of microfinance institutions stood at 58 million euros and the total financing granted by the Foundation since its inception now exceeds 200 million euros, more than four times its initial capital.

The Foundation has signed strong partnerships with BPI subsidiaries, which now allows it to operate in countries where the Group is present, particularly in retail banking.