58,6M€
Wallet
43 275
Number of beneficiaries
61 %
Women beneficiaries
92 %
Rural beneficiaries
Kazakhstan
Financial services
Funding granted
Loan of €2.0M*
(local currency equivalent)
Partner of the Foundation
since 2017
*Outstanding at grant value
Context :
Kazakhstan's economy is dependent on oil and closely linked to the Russian economy. Livestock farming is one of the country's main economic sectors. In particular, Kazakhstan has a large cattle and sheep population.
The company:
Asian Credit Fund (ACF) is a Tier 2 microfinance institution established in 1997 by the American NGO Mercy Corps. Its mission is to be the leading development organization in the Kazakh microfinance sector, providing financial and development products and services to households to improve their quality of life.
Impact :
ACF's financial services are designed to promote rural household development, small business growth, and homeownership. ACF adheres to a specialized community lending model that offers tailored financial solutions, business advice, and technical assistance to its clients.
Crédit Agricole's FIR Fund invests in Kazakhstan and Kosovo
In 2018, the Grameen Crédit Agricole Foundation launched a social impact investment fund in partnership with CA Indosuez Wealth (Asset Management) and CACEIS Bank, Luxembourg Branch. This fund offers Regional Banks and Crédit Agricole SA Group entities the opportunity to invest in financing microfinance institutions operating in rural areas in emerging countries.
The Foundation is thus strengthening its support for institutions operating in emerging countries to benefit populations traditionally excluded from the banking sector, and more specifically women, who constitute the bulk of these institutions' clients. The benefit is twofold: a positive profitability objective and an impact in terms of financing income-generating activities.
Two new microfinance institutions have recently been financed by this Fund. A €1.5 million loan was granted in local currency to the Asian Credit Fund (ACF) in Kazakhstan. ACF offers financial services designed to promote rural household development, small business growth, and home ownership. To date, the institution has 27,000 clients, including 79.51% women and 95.91% rural clients. It manages a loan portfolio totaling €13.2 million.
The fund also provided a €1.5 million loan to the Kosovo-based institution KRK. KRK's mission is to provide access to financial services in rural Kosovo. A long-standing partner of the Grameen Crédit Agricole Foundation, the institution currently has 16,000 clients, including 15.21 million women and 60.51 million rural clients, with a portfolio of €38.4 million.
With these two new investments, the fund has 4 projects supported for a total amount of 5 million euros. As of September 30, 2019, with the confirmation of the participation of Centre Loire, 21 Regional Banks are investing in the Funds. The outstanding amount of the FIR amounts to more than 9.7 million euros thanks to investments from Crédit Agricole Assurance, Amundi and 21 Regional Banks (Alpes Provence, Alsace-Vosges, Brie Picardie, Centre-est, Centre-France, Centre Loire, Centre-Ouest, Champagne-Bourgogne, Charente-Périgord, Finistère, Franche-Comté, Ille-et-Vilaine, Languedoc, Loire-Haute Loire, Martinique-Guyane, Normandie-Seine, Provence Côte-d'Azur, Réunion, Savoie, Sud Rhône Alpes and Touraine Poitou).