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Social Business: the Foundation’s portfolio … accompanying Social Businesses …

The Foundation’s Social Business portfolio “ When I see a social problem, I come up with a business solution to it. I’ve created over 50 Social Business companies without getting a dollar out of them. In Social Businesses, making money is a means not an end, money is recycled within the system.”

Professor Yunus Nobel Peace Prize Laureate Founder of the Grameen Bank Initiator of the Idea of social business

Social Business: the Foundation’s La Laiterie du Berger portfolio … good for me, good for my country … … accompanying Social Businesses … The Laiterie du Berger (Shepherd’s Dairy) offers a business solution to bad nutrition and poverty in the Sahelian region of north Senegal. It collects milk from nearly 1000 Fulani herders to process it into fresh dairy products. Unique market outlet for these herders, the Laiterie du Berger promotes the local dairy and livestock production and strengthens the economic fabric in rural areas. It also contributes to better food security in Senegal where over 90% of dairy consumption depends on powdered milk imports.

The food and social challenge In Senegal, more than half of the population has no access to quality food. Whereas more than one third of the population –almost 4 million people – live from livestock breeding, 90% of dairy products are imported and reconstituted out of dried milk which has a low nutritional value. In rural areas, the lack of industrial plants for transformation does not allow any development or local dairy production.

The social innovation of the Laiterie du Berger The Laiterie du Berger was founded in 2005 by Bagoré Bathily, a young Senegalese entrepreneur with a veterinary education. In the Sahelian region of Richard Toll, the Fulani herders previously had no market outlets for their dairy products. With the Laiterie located in the heart of the collecting zone, they receive a regular income and are stimulated to improve the quality and quantity of milk produced by the cattle herds, to organize themselves in groups and then to enhance their economic development. The Laiterie du Berger has bet on the development of a modern production plant with a capacity of 10,000 litres/day, located eight hours’ drive from Dakar, which is its main market. Thanks to a dynamic marketing approach under the DOLIMA brand, it currently accounts for 12% of the fresh dairy products market and is the number three Senegalese company in the sector. By improving the quality of its fresh products made out of collected milk, it has developed an innovative dairy network in western Africa and has become a reference in the region.

The impact N° of herders N° of people concerned Volume collected (tons) Annual income/herder (€)

2010 786 1850 512 n.a.

2011 946 2451 929 314

2014 1426 3693 1908 408

Growth 50% 50% 110% 30%

In addition to providing them with a regular income, the Laiterie du Berger was involved originally in supporting farmers through animal nutrition activities, improvements in genetics, veterinary care and training. The Laiterie du Berger has also created one hundred of salaried jobs, half in Richard Toll.

Yero Mariem Sow, Herder "It is milk sales that allow me to support myself. We are nomadic herders. We have many animals but until now they were useless because we spent the year in transhumance in the bush. With the Laiterie du Berger I was able to modernize our farming operation. Before, I had to sell my cows to support myself. Today, it is the sale of milk that allows me to do so. I sell 15 litres per day for 3,000 CFA francs. This has allowed me to build an enclosure and to keep 20 cows out of 70 that I have for producing milk. They are better fed, my herd is growing."

Goals 2014 The Laiterie prepares innovative products to meet the needs and eating habits of more customers. It aims to show a positive net income from 2014. It will also further strengthen the services to cattle farmers to improve the productivity of their herds and secure the supply chain.

Social Business: the Foundation’s La Laiterie du Berger portfolio … good for me, good for my country … … accompanying Social Businesses … The support of the Grameen Crédit Agricole Microfinance Foundation The Foundation owns 10% of the Laiterie du Berger shares. Besides the Bathily family and Investisseur et Partenaire pour le Développement (I&P), the company’s other shareholders are the SICAV (fund) and Phitrust. All its partners share the same corporate vision and social mission. With the help of the Foundation a long-term plan for the development of dairy farming has been designed by GRET, a French NGO. This plan forecasts structuring actions to improve the dairy potential in the collection zone. These actions will focus on improving access to cattle food by using the regional vegetable resources, to water through hydraulic constructions, and on training for the creation of a pilot farm, and on better access to technical, veterinary and financial services for the farmers. It also forecasts the setting up of a “service centre”, which itself will be a social business, to implement these actions within a framework of consultation with farmers and all local stakeholders. The Foundation has decided to support the Laiterie du Berger for its commitment in the setting up of an inclusive and value added dairy value chain, likely to become a reference in Western Africa, its contribution to the improvement of everyday life for the herders, the creation of local jobs and its contribution to the food security of the Senegalese population.

The Laiterie du Berger’s shareholders • Bagoré Bathily is the founder and CEO of the Laiterie du Berger. Graduate of the veterinarian university of Liege (Belgium), he worked with French, Mauritanian and Senegalese dairy producers before he founded the Laiterie du Berger, a limited liability company. • Danone Communities: launched in December 2007, this Senegal fund, managed and marketed by the Crédit Agricole Group, Surface area: 196,712 km² aims to support the development of social business Population: 12.9 million inhabitants ( GDP per capita: $1,900 (2011) • Investisseur et Partenaire pour le Développement (I&P) GNI per capita: $1,708 (2011) accompanies microfinance institutions and midsize Population below poverty line: 33.5% (2009) businesses in Africa in their financial and managerial Population in extreme poverty: 44.4% HDI: 0.459 (155 out of 187 countries classified in 2011) activities ( • The Grameen Crédit Agricole Microfinance Foundation Senegal's economy is dominated by a few strategic sectors (peanuts, chemical industry, tourism, fishing and ( • Phitrust has been supporting businesses and associations services). Agriculture accounts for 13.8% of GDP, industry that have a positive impact on communities since 2005 20.5% and services 65.7%. Nearly two thirds of households live in rural areas. Senegalese agriculture is (

Partners of the project • Gret : • Agence Française de Développement : • Association Sud-Ouest pour le Développement International Agricole: • Direction de la Coopération Internationale de Monaco :

based both on cash crops (peanuts, cotton) and food crops (millet, sorghum, maize, rice).

Livestock farming concerns over a third of the population, mostly Fulani. The exploitation of livestock remains heavily dominated by traditional models of extensive herding, pastoral and agro-pastoral. The breeding of cattle and small ruminants is an answer to savings and to social prestige as well as to economic exploitation. Affected by constraints of access to water, feed, veterinary care, and by insufficient peasant organisation, milk production is highly seasonal and does not meet domestic needs.

Social Business: the Foundation’s Babyloan … microcredits, great stories … portfolio … accompanying Social Businesses … At the crossroads of the world of finance and solidarity, Babyloan provides consumers with a new way to commit themselves by supporting microentrepreneurs in the south to help them escape poverty and dependency. Babyloan is the first European platform of solidarity loans and it allows each web-user to become a solidarity banker by joining the Babyloanian community.

The Social challenge Traditionally, solidarity efforts towards the poorest are undertaken through NGOs and public services. These traditional means being insufficient, some people now wish to find other innovative ways for solidarity to be more efficient and direct.

The Social innovation of Babyloan Babyloan offers web-users different ways to show solidarity. The social enterprise ABC Microfinance SAS, founder of the Babyloan website, was created in 2008 thanks to the initiative of its two founders, Arnaud Poissonnier and Aurélie Dutoit, and a unique alliance of NGOs, banks and European retail investors involved in the solidarity microcredit field. A well-documented file allows the "Babyloanian" to have all the necessary information to make an informed choice. "The average amount of funding for projects is €288 for an average period of eight months", says founder Arnaud Poissonnier. The minimum loan by the “babyloanians” is €20 but the average is around €55. The Babyloanian charges no interest, but gets his/her money back at maturity of the loan. He/She may then decide to get his/her money back or to finance other projects. Babyloan is a community platform for solidarity micro-bankers: the "Babyloanians". It also helps build a bridge between the solidarity web-users and southern microentrepreneurs and establish a form of direct and personalised financial solidarity. Babyloan relies on local microfinance institutions (MFIs) to select the projects proposed to users. These MFIs are responsible for the support to entrepreneurs in the field and are guarantors of the proper use of money lent. They are the ones receiving the funds lent by the Babyloanians and financing the projects presented on the platform, with an interest rate that depends on all of their refinancing and operational costs. In case beneficiaries do not repay their loan 1,5% to 5% according to Arnaud Poissonnier – the microfinance institutions reimburse lenders. Babyloan also supports microentrepreneurs in France through ADIE. Entrepreneurs: the fruits of Manh In 2009, at the initiative of Babyloan, the Babyfund Fixed Rate2013 Manh is 51. She is a farmer and cultivates fruit was created: a solidarity fund supporting microcredit by offering direct trees near her house in Trung Oai, a small rural credit lines to microfinance institutions. community 25 km from Hanoi in Vietnam. She To ensure its economic sustainability, Babyloan is funded by several revenue sources: • Revenues from the collection of loans: a commission paid by webuser lenders, depending on the amount lent; registration fees paid by MFIs to Babyloan plus an annual flat fee paid by MFIs on the basis of their total assets, and financial returns on cash flows. • Event income-related sponsorship and consulting activity

divorced a few years ago and must work hard to provide for her son. Manh sells fruit such as grapefruit and green bark oranges, by the unit. She needs this microcredit to plant more fruit trees. Manh is supported by the MFI Seda. She needs a loan of €320 over 12 months. Babyloan gathered Klaudia, Aurora and the SOS group (comprising 41 lenders) to supply the loan.

The platform defines itself as a Social Business which will reinvest most of its income in its mission: solidarity loans, support to MFIs and promotion of public awareness about microfinance.

Social Business: the Foundation’s Babyloan … microcredits, great stories … portfolio … accompanying Businesses … The impact 2009 N° of microentrepreneurs -

2010 2011 n.a. 4,388 8,500


N° babyloanians Cumulative amount invested (€) Average loan amount online (€) Website n° of visits

+5,000 491,583 55.95 140,000



8,072 840,000 63 350,000

14,500 1,300,000 70 560,000

Goals Babyloan aims to expand the number of Babyloanians, to strengthen its network of MFI partners and increase awareness. The platform intends to break even in 2015.

The support of the Grameen Crédit Agricole Foundation The Foundation is a shareholder of ABC Microfinance up to 5% and has concluded a cooperation agreement. Through the Foundation, three Regional Banks of Crédit Agricole (Centre-Est, Pyrénées-Gascogne and Franche Comté) have also decided to accompany Babyloan, by becoming shareholders of ABC Microfinance. The Foundation has chosen to support the Babyloan social enterprise because it creates a chain of financial solidarity for the benefit of southern microentrepreneurs to help them out of poverty. It also mobilises northern web-users through communication and education actions to support responsible and solidarity microfinance.

The shareholders • ACTED (Agence d’aide à la coopération technique et au développement) : • Etimos : • Crédit Coopératif :é • Neuflize OBC : • Bred : • Grameen Crédit Agricole Microfinance Foundation : • Caisses Régionales de Crédit Agricole • Over 30 individuals

The MFI Partners Chamroeun (Cambodia) supports families in poor urban areas and helps them in managing their business through training and professional monitoring. Finadev S.A. (Benin) meets the needs of microentrepreneurs in difficulty by making financial products available. Oxus (Tajikistan) provides financial products to microentrepreneurs. Seda (Vietnam) is committed to improving the living conditions of its microentrepreneurs and contributes to the development of small businesses. Cepesiu (Ecuador) contributes to the sustainable development of local economies by providing a comprehensive range of services and tools to small entrepreneurs. ICDC (Philippines) combines microfinance, consulting, training and personal development for the empowerment of small entrepreneurs. Afodenic (Nicaragua) encourages economic, social and cultural development and strengthens the associative process of people without access to banks. Wages (Togo) provides products and financial services to microentrepreneurs, mostly women. Edaprospo (Peru) aims to meet the needs of microentrepreneurs who lack access to conventional banks. Adie (France) funds and supports French entrepreneurs, especially the unemployed and social welfare recipients. Asala (Gaza/West Bank) accompanies Palestinian women in difficult circumstances. KOMIDA (Indonesia) is a savings and loan cooperative that finances exclusively women living in rural areas.

Social Business: the Ltd. Foundation’s Danone Foods portfolio … the yogurt that makes you strong … … accompanying Social Businesses … Grameen Danone Foods Limited (GDFL) is a joint venture founded in Bangladesh in March 2006 by the Grameen and Danone groups. Pioneer of social business, GDFL wants to improve children’s health with a yogurt specially made to satisfy dietary deficiencies essentially found in children, and affordable to the lowest budgets. To implement this project, GDFL was set up in the socio-economic fabric of the Bogra region, 250 km to the north of Dhaka, to promote income-generating activities: GDFL buys milk from small farms and develops a rural doorto-door sales network (the Grameen ladies).

The dietary and social challenge In Bangladesh, the malnutrition rates are among the highest in the world: 54% of young children show stunting, 56% are underweight and 17% are extremely skinny. These symptoms of malnutrition are linked to deficiencies in micro nutriments such as vitamin A, iron, iodine, and zinc. Furthermore, more than 59% of women suffer from chronic energy deficiency and the studies show that there has been little improvement in the last 20 years (source: FAO 2010, nutritional profile).

The Grameen Danone Foods Ltd social innovation GDFL was created to meet infant nutritional problems by developing an innovative industrial solution: the shokti doi yogurt, “a yogurt that makes you strong”. Made out of local cows’ milk and date molasses, the shokti doi is naturally rich in calcium and necessary proteins for growth and strength and is also enriched with micro nutriments that lack in the traditional local food (vitamin A, zinc, iodine). The prices and products have been adapted to the different consumers. The Shokti + doï is sold in the towns and villages of Bangladesh for a price of seven taka that is €0.07 for 60g. The Shokti + doï extra-protein and the Shokti + mango with mango flavour are distributed in the larger cities of the country for a higher price. Moreover, the entire production and distribution chain of GDFL was built around a clear aim: create as many jobs as possible in the local community. GDFL uses a proximity operating model (short channels): - GDFL buys from micro farms that produce raw material (milk, sugar and date molasses) within a 50 km radius. The local farmers use microcredits proposed by the Grameen Bank to start their businesses or increase their livestock, as well as the expertise of Danone to improve the quality of their production. - In the Bogra plant that has been operational since February 2007, they employ local staff rather than using machines. - GDFL has developed an original distribution system: the “Grameen Ladies” who are supplied by small intermediaries, do the door-to-door selling in order to reach the rural consumers in the most remote areas and earn a small additional income.

The impact N° of employees N° Grameen Ladies N° farms supported Production (tons) Turnover (€) N° yogurts sold/day Points of sale




n.a. 650 n.a. 700 773,745 35,319 3,863

n.a. 821 370 2,500 17,196,890 86,860 n.a.

200 980 n.a. n.a. n.a. n.a. +10,000

Children five to 12 years old are the primary beneficiaries of the product. Early studies conducted by Johns Hopkins University, at the request of the NGO GAIN, demonstrate that this initiative has a very positive impact on the physical and cognitive development of children.

Social Business: the Ltd. Foundation’s Danone Foods portfolio … the yogurt that makes you strong … … accompanying Social Businesses …

Goals 2012 • In order to strengthen the new distribution system, rickshaw sellers are being trained to sell together with the Grameen Ladies; • The cold chain is strengthened and the storage capacity of the plant doubled; • Launching of the Shokti + pocket (40g plastic bags for five takas (same price as four years ago)). A mixture of milk and cereals tasting like traditional local yogurt, it can last for 20 days out of the cold chain and will eventually multiply the sales possibilities by 10; • Construction of a new plant of a capacity of 7,000 tons, near Dhaka.

The support of the Grameen Crédit Agricole Microfinance Foundation The Foundation is a shareholder in GDFL and is represented on its Board of Directors. The Foundation decided to support GDFL due to its innovative action against children’s malnutrition and its action related to the development of rural communities. GDFL accompanies and helps small local farmers improve their production and offers them steady marketing opportunities. GDFL also creates local jobs and promotes the development of income generating activities, especially for women. Above all, GDFL has a fundamental positive influence on children’s health.

Shareholders Grameen Danone Food Limited is a « limited liability company ». Its shareholders are: • GRAMEEN ( co-founder and shareholder for 43% through several companies; • DANONE Asie ( leading world group in the food industry, Danone considers it is its mission to give access to quality food to the greatest number. • Danone.Communities ( launched in 2007, this fund (French SICAV), managed and marketed by the Crédit Agricole Group, aims to develop social business projects proposed by Danone. It holds 29% of the shares in Grameen Danone Foods. • The Grameen Crédit Agricole Microfinance Foundation: Bangladesh shareholder for 7% (

Partners of the project • GAIN ( finances a study to measure the impact on children’s health • CARE ( develops a distribution model of multi-brand door-to-door sellers who more particularly distribute GDFL’s products.

Surface area: 143,998 km² Population: 158.5 million inhabitants GDP per capita: $1,700 (2011) GNI per capita: $1,529 (2011) Population below poverty line: 49.6% (2009) Population in extreme poverty: 26.2% HDI: 0.496 (146 out of 187 countries classified in 2011)

The economy of Bangladesh is dominated by a few strategic sectors: textiles, shipbuilding, export of jute, tea and shrimp. The main sectors contributing to GDP are agriculture (19%), industry (29%) and services (52%). Nearly 80% of the population depends on agriculture, rice being the main crop. The majority lives in very precarious conditions and suffers from food insecurity and permanent illnesses. Most people do not have the means of production (land, tools, etc.). The problems of water management, soil exhaustion, fragmentation of land ownership and the high proportion of landless farmers are coupled with a poor road infrastructure that impedes the marketing of agricultural products.

Social Business: the Foundation’s Chamroeun portfolio … partner for success … … accompanying Social Businesses … Chamroeun is a Cambodian microfinance institution whose core business relies on its social commitment. It provides financial services to the poorest; those excluded from the range of classical microfinance institutions. In order to maximize the credit impact and efficiently support the poorest families, it also provides a whole range of economic, social and personal coaching and education services. Chamroeun re-invests its profits in its activities to strengthen its social mission.

The Socio-economic challenge In Cambodia, there are more and more microfinance operators and competition is fierce. This competition can have not only positive consequences on the borrowers, as for example a steady decrease in interest rates, but also disastrous effects when some operators lend without checking out the real needs or even worse, the repayment abilities of the borrowers. Moreover, the low-income entrepreneurs and the poorest are excluded from the main microfinance institutions’ targets, being considered too risky and not profitable enough.

The social mission of Chamroeun In such a competitive environment, Chamroeun places its social commitment at the heart of its mission. In 2006, the French NGO Entrepreneurs du Monde created Chamroeun. The purpose was to allow the poorest families of Phnom Penh wishing to develop a small business, to have access to loans, savings, and health services, and to education and social welfare. Being successful, the programme became an independent Cambodian microfinance institution in 2009. In 2011, it was certified as an official microfinance institution by the Central Bank of Cambodia. It has been financially independent since the end of 2010. Chamroeun works with families who live in poor urban areas and helps them to meet unexpected expenses and to implement a long term dynamic entrepreneurial processes. It helps them run their small business or petty trade and develop their management skills as well as their self-confidence through education and professional follow up. Lastly, it provides them with social support by addressing them to specialised organisations. The financial products are adapted to the poorest: the credit amount lent is particularly small and the wide range of products matches the needs of a very low income population and helps them finance their entrepreneurial activities. Social emergency loans (to deal with the unexpected) as well as savings or microinsurance products are also proposed. The non-financial services support both entrepreneurial and social or personal development: strategy and business management training, new skills acquisition, referring to specialised social organisms, help for job seeking.

Sopheap, a customer Since February 2009 Chamroeun has helped Sopheap and her husband run their religious statues workshop: • two loans of 1,500,000 then 2,000,000 riels (€270 and €358) at rates that free them from moneylenders (around 180% on average) • a savings account that they use to deposit or withdraw sums as small as required to buy raw materials as frequently as they need. • adapted trainings. The family’s production increased. It has variety, is of good quality and is sold for competitive prices. Their net income rose from 250,000 to 950,000 riels (€45 to €170). Their everyday life has considerably improved and they now know that they can calmly think of paying university fees for their 3 daughters.

Social Business: the Foundation’s Chamroeun portfolio … partner for success … … accompanying Social Businesses … The impact 2007 N° of branches N° of active borrowers - female

Portfolio (€) Reimbursement rate PAR 30* Average loan (€) N° of training participants N° of employees N° of loan officers





7 1,942

9 4,213

10 7,151

10 14,893







87,555 99% 0.53% na 3,182 32 18

302,193 98% 0.64% na 27,211 47 25

559,372 97% 0.71% na 36,474 63 29

1,351,000 99% 0.20% 86 56,221 94 46

1,810,000 99% 0.05% 95 99,909 162 84


* PAR 30, (portfolio at risk at 30 days): Measurement of the total outstanding balance of loans past due divided by the active portfolio

Goals Run according to the social business principles, Chamroeun will develop three main actions to use the profits created by its activities: • downscaling of its interest rates for all of its loans; • promotion of products and microbusinesses with a strong social added value (environment, health, etc.) through microfinance; • strengthening of support mechanisms for the poor.

The support of the Grameen Crédit Agricole Foundation The Grameen Crédit Agricole Microfinance Foundation supports Chamroeun in three different ways: first, it granted two medium term loans in local currency, of amounts equivalent to €100,000 and €346,000; second, through technical assistance; third, the Foundation has taken a 15% participation in its shareholding and is a member of its Board of Directors, together with Entrepreneurs du Monde and Microfinance Solidaire.

Technical partners • Since 1998, Entrepreneurs du Monde has supported a social and responsible approach to microfinance so as to ensure the beneficiaries’ empowerment : www.entrepreneurs du

Financial partners

Cambodia Surface area: 181,035 km² Population: 14.9 million inhabitants GDP per capita: $2,300 (2011) GNI per capita: $1,848 (2011) Population below poverty line: 28.3% (2009) Population in extreme poverty: 22% IDH: 0.523 (139 out of 187 countries classified in 2011) Cambodia's economy relies mainly on agriculture, textiles, tourism and construction. Agriculture accounts for 31.2% of GDP, industry 21.7%, services 40.0%. Agriculture, mainly focused on rice, rubber and cassava, is the basis of economic activity. It employs 80% of the workforce. However, the country is currently experiencing, following the global crisis, a deteriorating economic situation. Traditional sectors of the economy are beginning to falter and new growth areas have not yet taken over. The engines of the economy appear insufficiently diversified and too fragile.

The important growth of the credit fund was financed by donations from the French Development Agency (Agence Française de Dévelopment), the Don Boule de Neige Association and the Louis D Foundation. Added to this are loans from Babyloan, Grameen Crédit Agricole, Microfinance Solidarity, Planis, Pro Victimis, etc.

Social Business: the Foundation’s PhileoL Madagascar portfolio … accompanying Social Businesses … PhileoL Madagascar has been established since 2008 in Androy, the driest and poorest region of Madagascar. It has developed an inclusive oilseed operation, collecting jatropha and castor oil seeds among local farmers, transforming these oils locally and exporting them to the region and to Europe, where they are prized by the green industry. Thus, PhileoL secures farmers' income and promotes local agricultural production. It also contributes to strengthening the capacities and structuring of farmers.

The socio-economic challenge The Androy region is located in the south of Madagascar. This is the driest and the poorest region of the island. Over 95% of the population lives on less than $1 per day. Economic activity is based primarily on subsistence agriculture and is therefore very vulnerable to climatic hazards. Agricultural production and limited economic opportunities of households do not allow them to meet their food needs, and often a barter economy comes into operation. This vulnerability is exacerbated by standards and traditions of the region, leaving a limited role for women and strengthening the impoverishment process.

The social mission PhileoL was founded in 2008 by Stéphane Philizot, a French chemical engineer, and two Malagasy agronomists: Nary Razakasolo and Njaka Ravelmantsoa. PhileoL breaks the vicious circle of poverty in Androy: it structures an oilseed operation incorporating all actors in the value chain. While preserving the place of food crops, PhileoL helps farmers produce castor and jatropha seeds particularly adapted to arid regions. Farmers are thus assured of a steady income. They are accompanied by PhileoL and its partners to improve the quality and quantity produced, to organise themselves into groups and thus have better control over their economic development. PhileoL has also taken up the challenge of developing a modern mining and oil production plant in this desolate region. In doing so it contributes to economically strengthening the region, creating added value from local production and revitalising the local infrastructure, including port Ehoala (Fort Dauphin). PhileoL plays a significant role in the Malagasy oilseed area and seized the opportunity of a growing market, that of “green” oils, used by industry to minimise its environmental impact.

The impact Number of suppliers Number of farmers accompanied Volume of seeds collected (tons) Volume of oil sold (tons) Number of jobs created



3,000 180 60 21

5,000 500 254 76 36

Growth 66% 41% 26% 71%

Besides securing and diversifying farmers' incomes in the region, PhileoL develops partnerships with other development actors to strengthen their technical and organisational capabilities.

PhileoL will also strengthen the economic and social development of communities by devoting a portion of its future profits to a fund for rural development (health, female education, technical training, etc.). Finally, PhileoL has a positive impact on the environment by the cultivation of oilseeds, whose root systems contribute to the soil’s refertilization and the fight against erosion.

Social Business: the Foundation’s PhileoL Madagascar portfolio … accompanying Social Businesses … Goals By 2016, PhileoL aims to become the main actor in the Malagasy oilseed field while allowing nearly 6,000 farmers to increase their income by five times and strengthen their role in the industry.

The support of the Grameen Crédit Agricole Foundation The Foundation owns a 15% stake in PhileoL Madagascar, alongside the three founders, the investment company Investisseur & Partenaire pour le développement, and Sofisud. The Grameen Crédit Agricole Foundation supports PhileoL especially in its mission of social business by developing tools to assess its social performance, as described in the Social Business charter of the enterprise, which is its road map. The Foundation also supports the company in the management of its technical partnerships with other development actors.

Stakeholders • Investisseur et Partenaire pour le Développement (I&P) accompanies microfinance institutions and midsize businesses in Africa in their financial and managerial activities ( • Sofisud was founded in 2009 by Sofiproteol, the French oilseed leader. Sofisud supports projects in Africa that promote the sustainable cultivation of oilseeds and the emergence of new local industries. • Stéphane Philizot is the founder of the company. He is a chemical engineer and worked for 12 years with ForboSolino (leading French manufacturer of resilient flooring). In parallel, he started a business selling champagne, intended Madagascar especially for export. Surface area: 587,040 km² • Nary Razakasolo is associate manager of PhileoL. He is an Population: 22.5 millions d’habitants agronomist and has been working in the field of agricultural GDP per capita: $900 (2011) SME development and management for 15 years. He is also GNI per capita: $824 (2011) associate manager of Madagascar essential oils. Population below poverty line: 67.8% (2009) • Njaka Ravelomantsoa is associate manager of PhileoL. He is Population in extreme poverty: 35.4% an agronomist and has been working in agribusiness and IDH: 0.480 (151 out of 187 countries classified in 2011) agro-management for 15 years. He is also associate manager The Malagasy economy is based primarily on of Madagascar essential oils. agriculture. This sector supports four-fifths of the

Partners Today, PhileoL is a recognized player in the economic and social development of Androy. The Malagasy NGO EFA, which implements the programme of technical and organisational support to farmers (with financial support from the United Nations Development Programme), is one of its partners. PhileoL has also developed a partnership with the World Bank, which financially supports the action of PhileoL in the revival of the trading port (economic activities in the area of Ehoala and support for farmers).

inhabitants. Rice is the main cereal and the staple. Madagascar also has a large herd of zebu that provides the main meat consumed in the country. Madagascar is still in a state of great poverty. The reasons for poverty are many. The original socialist path chosen in 1972 is a cause of backwardness in the economy, due to the continued deterioration of infrastructure, administrative restraints on business and investment development, land and legal insecurity, etc. The sense of solidarity of the Malagasy people is another factor. The members of the same family faithfully support each other, sometimes at the expense of personal initiative and entrepreneurial spirit. Moreover, according to the French economic mission in Antananarivo, the labour market went through one of its worst crises in 2010, with strong growth in unemployment and underemployment, declining purchasing power of households, the development of the informal sector, inequality and insecurity.

Social Business: the Foundation’s portfolio … accompanying Social Businesses …

Credit photos : Philippe Lissac –Danone Communities – PhileoL Madagascar

Grameen Crédit Agricole Microfinance Foundation 5 Allée Scheffer L-2520 Luxembourg

The Foundation's Social Business partners presentation  

Grameen Crédit Agricole Foundation

The Foundation's Social Business partners presentation  

Grameen Crédit Agricole Foundation