80M€
Wallet
24 983
Beneficiaries
22.3%
Women
60 %
Rural
Kosovo
Financial services
Funding granted
Loan of €1,500,000*
(local currency equivalent)
Partner of the Foundation
since 2009
(4 loans granted)
*Outstanding at grant value
Context :
In Kosovo, the unemployment rate reached 311,000 people in the second quarter of 2017, with the largest share of unemployment among young people (511,000 people). The informal economy accounts for at least a third of GDP.
The company:
Kreditimi Rural i Kosoves (KRK) is a project initiated in 2000 by ADIE International under the name Rural Finance Program of Kosovo (RFPK). The project transformed into a microfinance institution shortly thereafter, when the new regulations on financial institutions came into effect in Kosovo. KRK's mission is to provide access to financial services in rural areas of Kosovo, with priority given to the agricultural sector, on a sustainable basis.
Impact :
KRK's mission is to provide access to financial services in rural areas of Kosovo, with priority given to the agricultural sector, in a sustainable manner.
The Foundation continues its investments in Kosovo
© Philippe Lissac
The Grameen Crédit Agricole Foundation has just granted a new loan in local currency equivalent to 1.5 million euros to the Kosovar microfinance institution Kreditimi Rural i Kosoves (KRK), which it has supported since 2009.
KRK is a project initiated in 2000 by ADIE International under the name Rural Finance Program of Kosovo (RFPK). The project transformed into a microfinance institution shortly thereafter, when the new regulations governing financial institutions came into effect in Kosovo. KRK's mission is to provide sustainable access to financial services in rural areas of Kosovo, with a priority for the agricultural sector. To date, the institution has nearly 17,000 clients, including 161,000 women and 841,000 rural clients.
With this investment, the Foundation now has an outstanding portfolio of €22 million in the Eastern Europe & Central Asia region, representing 23% of its portfolio, and has 18 supported partner organizations, representing 21% of the microfinance institutions and impact businesses it finances.
Created in 2008, under the joint leadership of Crédit Agricole SA's management and Professor Yunus, 2006 Nobel Peace Prize winner and founder of Grameen Bank, the Grameen Crédit Agricole SA Foundation is a multi-sector operator that contributes to the fight against poverty through financial inclusion and social impact entrepreneurship. As an investor, lender, technical assistance coordinator, and fund advisor, the Foundation supports microfinance institutions and social enterprises in nearly 40 countries.
Crédit Agricole's FIR Fund invests in Kazakhstan and Kosovo
©Philippe Lissac/GODONG
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).