The Huruma Fund allocates € 2.5 million to Caurie in agricultural microfinance in Senegal

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€2.5 million has been allocated by the Huruma Fund to the Senegalese microfinance institution Caurie, a leader in financing smallholder farmers, Africa Banking & Finance announced today.

The fund, managed by Gawa Capital and financed notably by the European Union, Fonprode and Cofides, will support Caurie’s growth in the agricultural sector with the main objective of reaching more than 17,000 smallholder farmers in the next 3 years. Recall that Caurie is one of the two institutions in Senegal to have joined the Microfinance for Ecosystem-based Adaptation (MEBA) initiative of the United Nations in order to increase the protection of rural producers against the effects of climate change.

Caurie is developing a process to digitize agricultural loans, adapting its risk assessment to the location of farmers, crop yields and their financial situation, in order to reduce the credit risk of the sector. The objective is to promote is to reduce the credit risk of the agricultural sector. In addition, Caurie promotes climate resilience to its customers.

For the record, the Autonomous Cooperative for the Strengthening of Economic Initiatives through Microfinance (CAURIE-MF) was created in 2005 by Relief Services (CRS) and Caritas Senegal, recalls the Grameen-Crédit Agricole Foundation. Caurie-MF operates over 60% in rural areas and in 13 administrative regions of Senegal.

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