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United Kingdom : GCAMF provides three-year loan of EUR 1.5 million to AMK

June 19, 2014

The Luxembourg-based Grameen Credit Agricole Microfinance Foundation (GCAMF), which offers financial services to social businesses recently informed that it has offered a three-year loan of EUR 1.5 million (USD 2.05 million) to Angkor Mikroheranhvatho Kampuchea Company Limited (AMK), a microfinance institution located in Cambodia. The foundation also has made an investment of EUR 400,000 (USD 546,000) in the Arab Center for Agricultural Development (ACAD), a nonprofit, non-governmental microlender in Palestine, in exchange for an equity stake of undisclosed size.

AMK offers loans mainly to women working in the agricultural sector in rural areas of the nation. AMK also offers money transfer and deposit services. As of April 2014, AMK has 27 branches, a loan portfolio of USD 84.03 million and a voluntary savings balance of USD 24.07 million. The institution has return on assets (ROA) of 2.8 percent and return on equity (ROE) of 13.8 percent as of April 2014. As of 2012, AMK has estimately 325,000 active customers including approximately 292,000 borrowers and 33,000 depositors.

ACAD provides loans to small-scale farmers and microenterprises and offers Islamic loans as well as support services including training and community empowerment 2 . Islamic finance is designed to comply with Islamic law, the Shariah, which bars practices such as the charging of interest, by using concepts such as joint venture and profit sharing. ACAD also provides loans and technical assistance to 22 savings and credit cooperatives 2 . As of 2013, ACAD has seven branches, a portfolio of USD 5.3 million and approximately 3,300 active customers.

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Source: TendersInfo (India)

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