The The Grameen Crédit Agricole Foundation (GCA), headquartered in Luxembourg, has informed MicroCapital that it is granting loans to: (1) the Kosovo Finance Agency (AFK) for an amount of 1.5 million euros (USD 1.8 million); (2) Microinvest based in Moldova in approximately local currency equivalent to USD 1.7 million; and (3) Monte Credit based in Montenegro for an amount of EUR 1 million (US $ 1.2 million).

AFK is a non-bank financial institution based in the city of Peja which aims to improve the standard of living in Kosovo by providing financial services to small businesses and microenterprises. In 2021, the microlender reported an outstanding gross loan portfolio of € 35.9 million (US $ 42.6 million) with approximately 19,300 clients, which it serves through 20 branches. The organization does not accept down payments.

Microinvest, majority owned by the Balkan Financial Sector Equity Fund, offers secured and unsecured loans for businesses, agriculture, housing, vehicles and consumption. These loans range from 2,000 MDL (120 USD) to 4 million MDL (240,000 USD), with terms of 3 months to 7 years. Microinvest has an outstanding MDL 1.9 billion (USD 114 million) portfolio for 35,000 clients in 2020. About two-thirds of these clients live in rural areas, and the male to female ratio is roughly equal.

Monte Credit is a non-bank financial institution controlled by the British NGO VisionFund, which provides microfinance services in 32 countries for World Vision, a Christian relief and development organization based in the United States. As of September 2021, Monte Credit reports a gross loan portfolio of 7.3 million euros (US $ 8.67 million) and approximately 4,400 clients served, of which 54% are women. The property does not accept deposits.

Crédit Agricole, a French retail bank, in partnership with Muhammad Yunus, the founder of Grameen Bank, established the GCA Foundation in 2008. The organization seeks to reduce poverty by providing funding and technical assistance to institutions of microfinance and other social enterprises. As of July 2021, the GCA Foundation had an outstanding portfolio of 81 million euros (US $ 96 million) with 88 partners in 37 countries in Africa and Eurasia. About 85 percent of its corporate clients live in rural areas and 73 percent are women.

By Harriet Ritchie, Research Associate

Additional sources and resources

Direct contact with GCA Foundation

Press release from the CGA Foundation
https://www.gca-foundation.org/en/media-room/#the-foundation-grants-seven-new-loans-in-eastern-europe-and-central-asia

AFK Home Page
https://afkonline.org/

GCA profile on AFK
https://www.gca-foundation.org/en/organization/afk-2/

Microinvest home page
https://microinvest.md

GCA profile on Microinvest
https://www.gca-foundation.org/en/orporation/microinvest-2/

Monte Crédit home page
https://montecredit.me/

GCA profile on Monte Crédit
https://www.gca-foundation.org/fr/organization/monte-credit-2/

VisionFund home page
https://www.visionfund.org/

World Vision Home Page
https://www.worldvision.org/

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