: The Grameen Crédit Agricole Microfinance Foundation (GCAMF) was established in Luxembourg as a result of collaboration between Grameen Trust and Credit Agricole S.A., France in 2008. It has an endowment of 50 million to support microfinance and social business programs through community based organizations, MFIs and social business projects in different countries around the world, especially in Africa and Asia. The primary aim of the Foundation is to enable the poor, mostly women, to lift themselves out of poverty and improve their socio-economic condition.
The Board of Directors of the Foundation has 12 members including Her Royal Highness Maria Teresa, Grand Duchess of Luxembourg and Nobel Laureate Professor Muhammad Yunus. For smooth and effective functioning, the Foundation has formed Project Committee, Working Group and Ethics Committee. Till October 2010, GCAMF organized 5 Board meetings including one in Bangladesh. It organized 9 Project Committee, 5 Working Group and 2 Ethics Committee meetings in Paris.
GCAMF provides funding in the form of loan, equity and guarantee. Till October 2010, it has approved loans to 14 MFIs in Kosovo, Cambodia, Philippines, Kenya, Tanzania, Mali and Senegal, equity to 3 social business projects in Senegal, France and Bangladesh and guarantee to 6 MFIs in India, Egypt, Syria, Ethiopia and Mali.
Given its special focus on Africa, it will hold its next Board meeting in Senegal in February 2011.
Addressing the Future
High-Tech and High-Touch
by Crown Princess Maria Teresa of Luxembourg
The Universal Declaration of Human Rights says that every person has the right to a
standard of living adequate for the health and well-being of himself and of his family,
including food, clothing, housing, medical care, and the necessary social services: the right to security in the event of unemployment, sickness, disability, widowhood, old age, or other lack of livelihood or circumstances beyond his control. The declaration also asks the state to ensure effective application of these rights.
Throughout my university years in Geneva, many theories were unsatisfying to
me. One of my main concerns as a student of political science was our continued
acceptance of the fact that some countries become richer and others poorer.
When I became a goodwill ambassador to UNESCO, the director-general,
Frederico Mayor, asked me what cause I would be willing to serve. I answered him
that my main interest would be helping those who suffer in developing countries. He
then suggested that I visit a great friend of his in Bangladesh, Professor Mohammed
Yunus, the so-called friend of the poor. A few months later, I arrived in Dhaka for one
of the most impressive experiences of my life....