The Luxembourg-based Grameen Crédit Agricole (GCA) Foundation recently announced a local currency loan worth the equivalent of 1 million euros ($1 million) to VisionFund Senegal, which is controlled by the Christian organization non-profit World Vision International, based in the United States. VisionFund Senegal provides microcredits to agricultural, livestock, trade, storage, equipment and hospitality businesses via six agencies. In 2022, it has a portfolio of 9 million euros ($9.1 million), serving 39,000 customers, the majority of whom are women living in rural areas. World Vision’s VisionFund International was founded in 2003 with the goal of creating a future without poverty through microloans, microsavings and microinsurance. As of its 2021 fiscal year, it serves 28 countries with a gross loan portfolio of $438 million and $63 million in customer deposits.
Founded in 1950, World Vision is a humanitarian organization that aims to help end poverty and injustice. In fiscal year 2021, World Vision International generated revenues of $3.15 billion.
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) deployed through 75 partners in 36 countries in Africa and Eurasia.
By Ben Greissman, Research Associate
Sources and additional resources
GCA Foundation press release
Description of VisionFund Senegal
VisionFund International Homepage
World Vision Home Page
World Vision International Annual Report
Previous MicroCapital article on the GCA Foundation
Did you know that MicroCapital publishes the MicroCapital Monitor every month? Learn more at https://www.microcapital.org/products-page/.