Koperasi Mitra Dhuafa (KOMIDA), a microfinance institution in Indonesia, recently borrowed the equivalent of €3 million ($3 million) in local currency from the Luxembourg-based Grameen Crédit Agricole (GCA) Foundation. The wholesale loan must be used for providing microloans to Komida’s clients, almost all of whom are women living in rural areas.
Established in 2004, KOMIDA offers unsecured loans and savings services as well as health and financial education through 318 branches. In 2021, the microfinance institution reported holding customer deposits of IDR 608 billion (USD 42 million). In 2022, it reports serving 720,000 women with outstanding loans of 93 million euros ($93 million).
Crédit Agricole, a French retail bank, in partnership with Muhammad Yunus, the founder of Bangladesh’s Grameen Bank, established the GCA Foundation in 2008. The organization seeks to alleviate poverty by providing financing and technical assistance to microfinance institutions and other social enterprises. In 2022, it manages assets worth 89 million euros ($89 million) in circulation with 75 partners in 36 countries in Africa and Eurasia.
By Ben Greissman, Research Associate
Sources and additional resources
GCA Foundation Home Page
Previous MicroCapital article on the GCA Foundation and KOMIDA
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