Lima, Peru, April 14, 2016.
The International Finance Corporation (IFC), a member of the World Bank Group, disbursed a loan of S/.167.6 million (approximately US$50 million) to Mibanco, the largest microfinance institution in Peru and Latin America, with the aim of increasing financing to small and medium enterprises (SMEs) and low-income sectors of the population, thus helping boost job creation and economic growth.
The loan represents the most recent commitment made by IFC in Peru, a country where improving access by microenterprises and SMEs to financing is one of its main objectives. Mibanco is the leading institution in the microfinance sector in Latin America and is a pioneer in promoting access to credit in Peru.
With IFC’s support, MiBanco will be able to reach new clients. “Renewing our alliance with IFC, which started several years ago, reaffirms our commitment to continue working to improve financial inclusion in Peru. This loan allows us to continue financing microenterprises, a segment that represents an engine for the development and growth of the Peruvian economy,” said Percy Urteaga, Mibanco’s chief executive officer.
This new IFC investment also confirms its commitment to support sustainable economic growth in Peru by expanding access to financing for underserved SMEs who continue operating in the informal sector. The development of the microfinance sector has been a priority for IFC in Peru in a bid to increase the penetration of the financial sector in this segment.
Carlos Leiria Pinto, IFC Head of the Andean Region, noted that “this financing demonstrates our support for the achievement of greater access by microenterprises in Peru to financial services. The longstanding partnership between IFC and Mibanco helps meet the needs of the low-income population groups and create a more inclusive financial sector in the country.”
Since 1956, when Peru became a member of IFC, the latter has invested a total of US$3.1 billion in the country, including US$1.1 billion in mobilization. The strategy adopted by IFC in Peru is aimed at boosting financing in the form of debt and equity financing, improving the investment climate, and providing support to key private sector actors who can expand the country’s infrastructure.
IFC also offers products and services to the underserved sectors, for example by expanding access by microenterprises and SMEs to financing as well as access to financing for housing, health, and education.
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 opportunities where they are needed most. In FY15, our long-term investments in developing countries stood at nearly US$18 billion, helping the private sector play a key role in the global effort to end extreme poverty and boost shared prosperity. For more information, visit
www.ifc.org
.
About Mibanco:
Mibanco is Peru’s leading microfinance institution with 18 years in the market. It has more than 800,000 active clients and more than 10,000 staff. It is also a leader in financial inclusion at a national level and it has the largest network in the industry with more than 300 offices. Its mission is to transform the lives of its clients through financial thus promoting the growth of Peru. Mibanco is a subsidiary of Grupo Credicorp, the largest financial holding in the country. Our economic group consists of successful Peruvian companies which are recognized as leaders in Peru and abroad: Prima AFP, Pacifico Seguros, Credicorp Capita, Atlantic Security Bank and Banco de Credito de Peru.
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