GCA Foundation lends USD 760,000 to microfinance institutions

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.

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