Grameen Credit Agricole Foundation (GCA) has reportedly loaned USD 760,000 to two microfinance institutions, ACFB of Benin and MEC Fadec of Senegal. The funds are an extension of three-year local-currency loans each approximately equivalent to USD 378,000.
The GCA Foundation was founded in 2008 by Credit Agricole SA, a French retail bank, and Grameen Trust, a non-profit microfinance organization affiliated with the Grameen Bank of Bangladesh.
ACFB Benin is a microfinance institution that provides low-income working populations (in particular women) with financial and non-financial services. It has a gross loan portfolio of USD 5.06m.
MEC Fadec is a savings and credit cooperative which is active in the Kebemer and Louga regions of Senegal. It has a gross loan portfolio of USD 1.2mn.