La Paz, Bolivia, November 19, 2015
— IFC, a member of the World Bank Group, signed an agreement with Banco de Credito de Bolivia (BCP Bolivia) to provide it with a loan for US$7 million with a maturity of five years with the goal of boosting financing in Bolivia to small and medium sized enterprises (SMEs), which are crucial for job creation and poverty reduction.
IFC's strategy in Bolivia is largely focused on supporting SMEs and ensuring that they are able to access financing for their operations and growth. IFC, as the largest global institution focused on the private sector, works with financial institutions such as BCP Bolivia to improve the financial inclusion of SMEs, which are an engine of economic growth and job creation.
"IFC's support to Banco de Credito de Bolivia will provide financing to increase productive loans to SMEs," said Marcelo Trigo, general manager at BCP Bolivia. “This investment consolidates a relationship of several years between IFC and the bank and facilitates our capacity to offer solutions to our clients with better maturities and better rates," Trigo said.
Banco de Credito de Bolivia and IFC work together in Bolivia since 2009, when the bank joined IFC’s global trade finance program with a line of US$10 million.
"Our long-term partnership with Banco de Credito de Bolivia helps to reach low-income sectors of the population and to create a more inclusive financial sector in the country," said Carlos Leiria Pinto, head of IFC for the Andean region. "With this project, IFC reinforces its compromise with the sustainable economic development of Bolivia and the use of long term financing to increase access to credit," he said.
IFC has been supporting financial institutions in Bolivia through its trade finance program. This program provides clients such as Banco de Credito de Bolivia access to a global network of confirming banks, facilitates access to trade lines, and helps provide comprehensive solutions for small and medium enterprises.
IFC's strategy in Bolivia seeks to promote the development of SMEs, promote foreign trade and protect natural resources through the implementation of best global practices on environmental sustainability.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. Working with more than 2,000 businesses worldwide, we use our capital, expertise, and influence, to create opportunity where it’s needed most. In FY15, our long-term investments in developing countries rose to nearly $18 billion, helping the private sector play an essential role in the global effort to end extreme poverty and boost shared prosperity. For more information, visit
www.ifc.org
.
About Banco de Credito de Bolivia
BCP Bolivia is a subsidiary of Banco de Credito del Peru. It started its operations in the Bolivian market in 1994 and today it is one of the largest banks in Bolivia. The bank has a large network of branches, with 47 offices throughout the country. The bank’s operations are supported by more than 1,700 employees and more than US$1.95 billion in assets.
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