MICROCRED

MicroCred Group is a France-based for-profit investment company that provides technical assistance to and manages commercial microfinance institutions (MFIs) in China and Africa. MicroCred was created in 2005 by French NGO PlaNet Finance, an initiative of Positive Plant, and three investors: the International Finance Corporation (IFC), Société Générale and AXA Belgium. Those founding shareholders were joined by the Agence Française de Développement (French Agency for Development - AFD) and the European Investment Bank (EIB) in 2007 and by Developing World Markets (DWM) in 2008. MicroCred operates in China, through MicroCred Nanchong and MicroCred Sichuan, as well as in Burkina Faso, Côte d'Ivoire, Madagascar, Mali, Nigeria, Senegal, Tunisia and Zimbabwe. As of the year ending December 2014, Microcred Group reported total assets of EUR 313 million (approximately USD 346 million), outstanding loans of EUR 270 million (approximately USD 298 million), client deposits of EUR 86 million (approximately USD 95 million) and profit before tax of EUR 6 million (approximately USD 6.6 million). At April 2016, Microcred had 460,000 clients in eight countries across Africa, China and Hong Kong.