Washington DC, May 11, 2009─IFC,
a member of the World Bank Group, announced that has invested $7.4 million
equity in common shares of Caja Rural de Ahorro y Credito (CRAC) Nuestra
Gente through a long-term partnership with Fundación BBVA para las Microfinanzas.
Currently, the company offers financial products in the coastal regions
of Peru to more than 141,000 clients in the country, with an average micro
loan size of US$1,300. IFC’s financing will support the expansion of this
microfinance institution and will help increase access to financial services
for micro entrepreneurs, particularly in areas outside of Lima.
Manuel Mendez, Chairman of Fundación BBVA para las Microfinanzas said,
“IFC’s support will allow us to accelerate our expansion in Peru and
address gaps in formal financing for local microenterprises. We appreciate
IFC’s support and long-term partnership.”
Microfinance development is a priority for IFC in Peru. The country is
still lagging in terms of banking sector penetration as the amount of domestic
credit as a percent of GDP is low when compared with other Latin American
countries and most of the financial activity is still concentrated in the
capital city of Lima. Banking penetration rates outside of Lima and in
rural areas are significantly lower, and access to finance is limited.
Roberto Albisetti, IFC Country Manager for Colombia, Venezuela, Ecuador
and Peru, said, “Our long-term partnership with Fundación BBVA aims at
expanding the availability of financial services to underserved markets.”
“IFC’s equity investment in CRAC Nuestra Gente shows our continue support
to improving access to finance to the rural and the lower income segments
of the population in Peru.”
In Latin America and the Caribbean, IFC has supported the creation or development
of 24 microfinance institutions, with a cumulative investment of $213 million.
IFC, a member of the World Bank Group, creates opportunity for people to
escape poverty and improve their lives. We foster sustainable economic
growth in developing countries by supporting private sector development,
mobilizing private capital, and providing advisory and risk mitigation
services to businesses and governments. Our new investments totaled $16.2
billion in fiscal 2008, a 34 percent increase over the previous year. For
more information, visit www.ifc.org.
About CRAC Nuestra Gente
CRAC Nuestra Gente is a recently created microfinance company, resulting
of the merger of Caja Sur, Caja Nor-Perú (the second and largest rural
CRAC in Peru) and EdPyme Crear Tacna. CRAC Nuestra Gente, sponsored by
Fundación BBVA para las Microfinanzas, offers financial products to entrepreneurs
in the coastal regions of Peru, with special incidence in those of La Libertad,
Piura, Cajamarca, Arequipa and Tacna. For more information, please visit