Publication of the Annual Report of the Crédit Agricole FIR Fund
The FIR (Inclusive Finance in Rural Areas), exclusively reserved for Crédit Agricole Group entities, allows investment in the financing of rural microfinance institutions that serve populations traditionally excluded from the banking sector in emerging countries.
To date, the FIR has registered subscriptions from 21 regional banks*, Amundi, and CA Assurances. The FIR supported new institutions in 2021. It granted €1 million in loans to ACF in Kazakhstan, €800,000 to Lazika in Georgia, €1 million to Montecredit in Montenegro, and €500,000 to Furuz in Tajikistan.
As of the end of December 2021, the FIR supports six microfinance institutions in six countries: Georgia, Kazakhstan, Kyrgyzstan, Kosovo, Montenegro, and Tajikistan. Despite the health crisis, which increased credit risk and hampered their profitability, these institutions have demonstrated resilience. They continue to contribute to the development of income-generating activities, particularly village agricultural production (711,300 beneficiaries live in rural areas).
