Peru: IFC Mobilizes $40 Million for Mibanco to Support Rural Populations, Women ...

Nov 2011
India, November, 11 2011 - IFC, a member of the World Bank Group, today signed an agreement with Mibanco - Banco de la Microempresa S.A, to increase access to financial services for micro, small, and medium enterprises, low-income and rural populations, and women in Peru.

IFC will mobilize $40 million in long-term financing, 75 percent of which will be in local currency, allowing Mibanco to expand its MSME portfolio in the country. Mibanco, part of Grupo ACP Holding, is one of the benchmark institutions in the Latin American microfinance sector, which is at the forefront of promoting access to credit, savings, and insurance in Peru. With more than 630,000 clients, Mibanco is one of the fastest-growing players in the Peruvian microfinance market.

“IFC’s renewed support will allow us to increase banking penetration, reducing gaps in formal financing for local microenterprises, many of which are managed by women,” said Jose Castillo, Mibanco’s CEO. “We appreciate IFC’s support and long-term partnership.”

Dolika Banda, IFC’s Director for Financial Markets in Latin America and Africa, said: “This new financing shows IFC’s continuing work to improve access to finance to the lower-income segments of the population in Peru. Our long-term partnership with Mibanco and its sponsors aims to expand services that will support individual entrepreneurship initiatives in the country and more equitable growth.”

The financing is consistent with IFC and World Bank strategy in Peru to increase economic growth and competitiveness, reduce poverty and inequality, and expand growth to a wider client base by providing access to finance for MSMEs and low- and middle- income households. As of September 2011, IFC’s committed investment portfolio in Peru totaled $840 million.

Source : Web NewsWire

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