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Washington, D.C., May 4, 2007 —
IFC, the private sector arm of the World Bank Group, will provide an $18 million loan to Peru’s Banco Interamericano de Finanzas to support the development of longer-term financial products for midsize businesses, and to make housing and retail financing more accessible in underserved markets.
Raúl Baltar, BIF’s General Manager, said, “IFC’s financing qualifies as Tier II capital for Banco Interamericano de Finanzas and will further strengthen our ability to diversify our products and services in Peru. We look forward to working closely with IFC to address the increasing investment and financing needs of our clients, due to Peru’s economic growth trend.”
One of IFC’s strategic priorities in Peru and in Latin America is to help deepen the financial sector and improve access to financing and banking services to sectors not currently served by large banks, such as microfinance, agribusiness, and small and medium enterprises. By supporting midsize banks, IFC is empowering a key component of the private sector growth engine and an essential source of employment in Perú and the region.
Atul Mehta, IFC’s Director for Latin America and the Caribbean, said, “IFC is proud to establish a partnership with Banco Interamericano de Finanzas, which will allow it to grow and develop its banking operations. We see this investment as a first step toward creating a long-term alliance to promote and develop the country’s financial sector.”
Recent IFC projects in Peru include Titulizadora Peruana, a joint initiative with Banco del Credito del Peru and Titularizadora Colombiana; Mibanco and BBVA Banco Continental, both in the financial sector; and Drokasa, an agribusiness company.
About IFC
IFC, the private sector arm of the World Bank Group, promotes open and competitive markets in developing countries. IFC supports sustainable private sector companies and other partners in generating productive jobs and delivering basic services, so that people have opportunities to escape poverty and improve their lives. Through FY06, IFC Financial Products has committed more than $56 billion in funding for private sector investments and mobilized an additional $25 billion in syndications for 3,531 companies in 140 developing countries. IFC Advisory Services and donor partners have provided more than $1 billion in program support to build small enterprises, to accelerate private participation in infrastructure, to improve the business enabling environment, to increase access to finance, and to strengthen environmental and social sustainability. For more information, please visit
www.ifc.org
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About Banco Interamericano de Finanzas
BIF is the fifth-largest commercial bank in Peru. The bank’s main lines of products are working capital, corporate banking, and trade finance. It is also developing its mortgage finance and retail business. For more information, please visit
www.bif.com.pe
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