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Supporting microfinance affected by the Covid-19 crisis with the Grameen Crédit Agricole Foundation
Project
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Signature date
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Location
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Multi-country Global, Cambodia, India, Myanmar, Burkina Faso, Kenya, Mali
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Financing tool
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Financing amount (Euro)
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5900000
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Financing details
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EUR 5m loan and 900,000 of technical assistance
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Customer
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GRAMEEN CREDIT AGRICOLE MICROFINANCE FOUNDATION
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Type of customer
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Microfinance
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Country of headquarters
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Luxembourg
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Project number
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PZZ1535/CZZ2730
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Environmental and social ranking
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IF-C
This information is given at the time of signature, without prejudice to any developments in the operation/project.
Proparco has allocated a EUR 5m loan to the Grameen Crédit Agricole Foundation for its financing activity for its existing clients.
Client presentation
The Grameen Crédit Agricole Foundation was created in 2008 and aims to provide financial and technical support to microfinance institutions, social businesses and high-impact projects in developing countries. It operates in 40 countries and Sub-Saharan Africa is one of the focus regions for its action. At 30 June 2020, the Foundation’s financial commitments with 71 microfinance institutions, 11 social businesses and a high-impact project totaled EUR 92m. The Foundation has been a client of AFD Group for 10 years.
Project description
Proparco has allocated a EUR 5m senior debt credit line to allow it to meet the additional financing needs of its existing clients during the crisis caused by the Covid-19 pandemic.
Project impact
The project will support 7,300 jobs and access to microcredit for 7,250 beneficiaries.
The project also qualifies for the 2X Challenge (multilateral initiative to support women’s economic empowerment) as 85% of the clients of the institutions supported by the GCAMF foundation are women.