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Washington, D.C./Asunción, Paraguay, June 24, 2014
—IFC, a member of the World Bank Group, will provide a $7 million loan to Bancop S.A. in Paraguay to expand access to finance for local farmers, and small and medium enterprises (SMEs) in the agribusiness sector. Agribusiness is a key driver of economic growth and job creation in Paraguay. It accounts for 39.8 percent of the country’s GDP and employs a third of its workforce, with about 900,000 jobs.
Bancop is the first bank in Paraguay wholly owned by cooperatives, obtaining a universal banking license from the Central Bank in January 2012 and formally starting operations in July 16, 2012. Bancop was founded by 27 Paraguayan shareholders, all of them production cooperatives.
“IFC’s support to Bancop shows its commitment to promoting innovative financial institutions that serve an essential productive sector in Paraguay”, said Dimas Ayala, CEO of Bancop. “We are pleased that IFC values our bank as an important platform for providing long-term financing to agricultural and cattle SMEs in Paraguay."
This financing to Bancop is part of IFC’s strategy to support Paraguay’s competitive advantage as a country rich in natural resources and focused on developing a strong agricultural and cattle sector that aims to integrate farmers and producers in the regional and global food supply chain.
“We are pleased to support Bancop, as it expands efforts to support agribusiness producers and exporters in Paraguay,” said Ramiro García, IFC’s Relationship Manager for Financial Institutions in Paraguay. “We hope this is IFC’s first of a series of future transactions with Bancop. IFC’s financing will allow the bank to provide its clients with access to funding with longer maturities, enabling them to undertake capital investments and expansion projects at longer tenors and more attractive costs, with stronger economic and social impact”.
IFC’s strategy in Paraguay promotes business expansion into other emerging markets, supports micro, small, and medium enterprises, fosters global trade, and protects natural resources through environmentally sustainable business practices. For more information about IFC in Latin America and the Caribbean, visit
www.ifc.org/lac
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About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in more than 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and promote shared prosperity. In FY13, our investments climbed to an all-time high of nearly $25 billion, leveraging the power of the private sector to create jobs and tackle the world’s most pressing development challenges. For more information, visit
www.ifc.org
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About Bancop S.A.
Bancop is headquartered in Asuncion, and has established already 4 branches, and 1 Non Correspondent Banking, in the most productive sector of the country.. It counts with 72 staff and 9.804 active clients. Bancop’s mission is to support the sustainable development of the productive sector in Paraguay, committed to delivering high quality, innovative and competitive products and services to its clients. The Bank’s shareholders are 27 production cooperatives spread throughout the country. A majority of these cooperatives have had their origins in the agribusiness sector and are in turn owned by their members. For more information, visit
www.bancop.com.py
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