Washington, DC, December 21,
2012—IFC, a member of the World Bank Group signed today a $75 million
loan agreement with Banco de Crédito e Inversiones (BCI) in Chile to provide
financing for micro, small, and medium enterprises (MSMEs) that operate
in underserved regions. This is IFC’s first financing to a Chilean bank.
Expanding long-term financing
to MSMEs in Chile is essential to support job creation. MSMEs employ 90
percent of the labor force and represent 60 percent of gross domestic product
(GDP) in the country. IFC’s financing to BCI will support SMEs included
by the Corporación de Fomento de la Producción (CORFO) in the Reconstruction
Program of regions still recovering from the 2009 earthquake, as well as
micro-entrepreneurs financed by BCI through its NACE and RENACE programs.
The NACE program was launched in 2006 as an initiative to help entrepreneurs
running companies who lack support from the formal financial system. The
RENACE program was simultaneously established to support micro and small
businesses that have shown good faith and willingness to pay back loans,
but have experienced difficulties in developing their businesses and, therefore,
lack access to formal banking services.
“IFC’s financing will support BCI’s objective to expand financial services
that meet the needs of entrepreneurs and MSMEs in Chile,” said Lionel
Olavarría Leyton, CEO of the bank. “At BCI we believe the market should
be defined not only in terms of conventional economic needs, but also social
needs, and in this context we aim to create value in society through our
support for entrepreneurs.”
Salem Rohana, IFC’s Country Manager for Argentina, Chile, Paraguay, and
Uruguay, said: “Through this partnership with BCI, IFC will help provide
entrepreneurs and MSMEs with growth opportunities in Chile. IFC looks forward
to expanding its presence in Chile by supporting local financial institutions
such as BCI.”
The financing is part of IFC’s focus on supporting local financial markets
to deliver development impacts and respond to the challenges faced by emerging
markets. IFC aims to achieve these goals through the use of innovative
financial products and mobilization, fostering micro, small and medium
enterprises, encouraging corporate social responsibility, protecting natural
resources through environmentally-sustainable business practices, and promoting
business expansion into other emerging markets. For more information about
IFC in Latin America and the Caribbean, visit: www.ifc.org/lac.
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, mobilizing
capital in international financial markets, and providing advisory services
to businesses and governments. In FY12, our investments reached an all-time
high of more than $20 billion, leveraging the power of the private sector
to create jobs, spark innovation, and tackle the world’s most pressing
development challenges. For more information, visit www.ifc.org.
BCI was formed in 1937 and is currently one of the leading financial institutions
in Chile. The bank has extensive nationwide presence, providing integrated
financial services through its distribution network made up of 378 branches.
BCI has over 10,300 employees and serves more than 33,000 SME clients.
The bank offers a wide variety of credit and non-credit products and financial
services, such as factoring, insurance, securitization, and mutual funds