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Lima, Peru, February 13, 2011—
IFC, a member of the World Bank Group, today signed an agreement that provides the equivalent of $25 million in long-term financing to Peru’s Financiera Creditos Arequipa S.A. to help the company expand financing for micro, small and medium enterprises in low-income and rural areas of the country.
IFC will directly provide the equivalent of $12.5 million in Peruvian currency to the company, also known as Financiera Crear. In addition, it is providing the equivalent of $12.5 million in syndicated loans from other investors. Since 1992, Financiera Crear has been dedicated to promoting the sustainable development of micro and small enterprises that lack access to the conventional banking system. It reaches more than 106,000 clients in Peru.
“IFC’s support will allow us to increase banking penetration, reducing gaps in formal financing for local microenterprises, many of which are managed by women,” said Javier Valencia, Financiera Crear’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 continued commitment to increasing financial access for the lower-income segments of the population in Peru. Our partnership with Financiera Crear and its sponsor, Compartamos, aims to expand services that will support individual entrepreneurship initiatives in the country and help foster more equitable growth.”
The agreement with Financiera Crear is consistent with IFC’s strategy in Peru to increase competitiveness, reduce poverty and inequality, and expand economic growth. IFC aims to serve a wider client base by providing access to finance for micro, small, and medium enterprises and for low- and middle-income households. As of December 2011, IFC’s committed investment portfolio in Peru totaled $818 million.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets. In fiscal 2011, amid economic uncertainty across the globe, we helped our clients create jobs, strengthen environmental performance, and contribute to their local communities—all while driving our investments to an all-time high of nearly $19 billion. For more information, visit
www.ifc.org
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About Financiera Crear
Financiera Crear, formerly Habitat Arequipa, was established in 1992, as a private finance company specialized in microfinance. In June 2011, Financiera Crear was acquired by Compartamos, the largest microfinance provider in Mexico and the largest, in terms of number of active clients, in the LAC region. Financiera Crear is a very strong micro finance competitor in Lima and Arequipa, with a client market share of 4.1 percent in the MSME segment. Financiera Crear has in place a network of 27 branches located in Lima and Arequipa. The Bank provides micro loans of an average size of approximately $1,500. For more information, please visit
www.creararequipa.com.pe
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