CREDITACCESS GRAMEEN LIMITED (FMO-56915)

Countries
  • India
Where the impacts of the investment may be experienced.
Financial Institutions
  • Netherlands Development Finance Company (FMO)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Bank Risk Rating
C
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Nov 6, 2019
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
CreditAccess Grameen Limited (Grameen)
The holder of the loan, grant, or other investment.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 30.14 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Currency conversion note:
Bank reported INR 2140.00 MLN
Converted using 2019-11-06 exchange rate.
Primary Source

Original disclosure @ FMO website

Updated in EWS Mar 6, 2020


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Project Description

According to the bank website, "The project supports the growth of Grameen's microfinance portfolio which is primarily focused on woman micro entrepreneurs , largely in rural areas, therefore contributing to FMO's goal to support SDG 10 'Reduced Inequalities'. Grameen issued senior secured Non convertible debentures in amount of USD 30mln to FMO for a tenor of 5 years. The funds raised will be used to further grow Grameen's microfinance portfolio."

 

Investment Description
  • Netherlands Development Finance Company (FMO)
Private Actors

According to the bank, CreditAccess Grameen Limited (Grameen) commenced its microfinance operations as an NGO in 1999 in India and got transformed into a non-deposit NBFC in 2007. It provides loans to women micro-entrepreneurs though the joint liability group model and has a presence in 13 states with a strong rural focus.

Contact Information

ACCOUNTABILITY MECHANISM OF FMO

Communities who believe they will be negatively affected by a project funded by the Dutch Development Bank (FMO) may be able to file a complaint with the Independent Complaints Mechanism, which is the joint independent accountability mechanism of the Dutch Development Bank (FMO) and the German Investment Corporation (KfW) . A complaint can be filed in writing, by email, post, or online. The complaint can be filed in English or any other language of the complainant. The Independent Complaints Mechanism is comprised of a three-member Independent Expert Panel and it can provide either problem-solving, compliance review or both, in either order. Additional information about this accountability mechanism, including a guide and template for filing a complaint, can be found at: https://www.fmo.nl/independent-complaints-mechanism