Washington DC - Madrid, July 21, 2011.
IFC, the private sector arm of the World Bank Group, will contribute to the capital increase of Caja Nuestra Gente with an investment of US
$4.6 million. The investment will help this microfinance lender expand its operations in rural areas and among low-income urban communities in Peru. Caja Nuestra Gente is owned by Spain’s BBVA Microfinance Foundation (FMBBVA).
In addition to this investment, IFC has also opened a medium-term local-currency loan facility to support Caja Nuestra Gente’s expansion, in the amount of 25 million
soles
(about US $9 million).
The transaction reinforces IFC’s commitment to Caja Nuestra Gente, following an investment of $7.4 million in 2009 to promote its expansion The IFC’s financing will allow Caja Nuestra Gente to double the number of microenterprise loans in Peru in five years.
Manuel Méndez del Río Piovich, Chairman of BBVA Microfinance Foundation, said: “We welcome this new IFC support and appreciate IFC’s long-term partnership. IFC’s investment in Caja Nuestra Gente will boost its growth in Peru and enable it to improve the lives of many more people.”
Caja Nuestra Gente, with a clear focus on social inclusion, serves approximately 326,000 clients through its 116 offices. It is currently merging with Financiera Confianza – in which it holds a 64% stake – to create a leading rural microfinance institution in Peru.
“This new IFC investment in Caja Nuestra Gente builds on our strategic alliance with BBVA Microfinance Foundation to promote joint investments in the Foundation’s various Latin American institutions. We look forward to continue helping to expand microfinance services in Peru and creating opportunities for the least advantaged social sectors,” said Paolo Martelli, IFC Director for Latin America and the Caribbean.
As part of the strategic alliance between IFC and BBVA Microfinance Foundation, IFC invested US $10 million in preferred shares in the Foundation’s Colombian affiliate, Banco de las Microfinanzas Bancamía.
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
About BBVA Microfinance Foundation
BBVA Microfinance Foundation was created in May 2007 to promote the sustainable economic and social development of society’s least advantaged groups, through access to productive microfinance.
Today, the Foundation serves more than 900,000 customers through its eight institutions in Latin America: Banco de las Microfinanzas-Bancamía in Colombia; Caja Nuestra Gente and Financiera Confianza in Peru; Fondo Esperanza SpA and Emprende Microfinanzas in Chile; Servicios Microfinancieros in Argentina; Corporación para las Microfinanzas in Puerto Rico; and Microserfin in Panama. For more information please visit
www.mfbbva.org
.
