(Ecofin Agency) - The European Investment Bank (BEI) has opened a €12 million credit line for Grameen Crédit Agricole that invests in microfinance institutions in emerging countries. This credit line is destined to two microfinance institutions operating in the West African market.
In Senegal, Coopérative Autonome pour le Renforcement des Initiatives Economiques par la Microfinance (Caurie-MF) that targets microentrepreneurs and women with low revenues is one of those microfinance institutions.
The second institution is Première agence de microfinance au Burkina Faso (PAMF BF).
Present in twelve African countries, Grameen wants to devote more than 30% of its financings to microfinance institutions in Africa by 2022. According to figures published in January 2019, Grameen Crédit Agricole indicated that it has invested €81.9 million in 35 emerging countries.