Press Releases

IFC Financing Package Bolsters Women’s Economic Empowerment in Latin America

In Lima, Peru:
Clara Ugarte Perrin, IFC

Pphone: + 511 6112501


Gislene Coloma, Belcorp
Phone: (51-1) 211-3300 ext 1570


Lima, Peru, April 10, 2012—IFC, a member of the World Bank Group, has arranged a $130 million financing package to support the expansion of Peru’s Belcorp, a door-to-door sales cosmetics company, that will empower more women with job opportunities in Latin America.

Belcorp, with headquarters in Lima, Peru, reaches one million women across Latin America and generates 8,900 direct jobs, of which 74 percent are held by women.

IFC’s financing to Belcorp consists of a $50 million loan from IFC’s own account and an $80 million syndicated loan from Citibank and Scotia Bank, as mandated lead arrangers; Banco General de Panama and Banco Santander, as lead arrangers; and FMO from the Netherlands as a participant. This financing will help the Belcorp grow in new markets like Brazil and expand in countries where it currently operates. The project will generate 600 new full-time jobs in Colombia and Mexico over the next five years.

“This transaction is critical to support Belcorp’s investment program for expanding its production capacity and entrance into new markets,” said Pedro Malo, Belcorp’s Chief Financial Officer. “The successful IFC-led financing also shows the confidence of local and international investors in Belcorp, and it projects the group as an internationally integrated player from a financing point of view.”

The investment in Belcorp is consistent with IFC’s strategy to support job creation for women in Latin America and Caribbean, as women are a critical group to helping ensure inclusive economic growth and social development.

Oscar Chemerinski, IFC Director for Manufacturing, Agribusiness, and Services, said: “Our partnership with Belcorp shows our commitment to supporting companies that are dedicated to creating opportunities for women as an integral part of their core business, corporate social-responsibility agenda, and diversity and inclusion initiatives.”

Stefania Berla, IFC Director of Syndications, said: “The willingness of five international and regional financial institutions to commit to this transaction, despite significant market volatility, demonstrates the value that IFC brings and the continued availability of international bank financing for well-structured transactions.”

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

About Belcorp

Belcorp is a corporation committed to the beauty and personal fulfillment of millions of women in Latin America whom we reach through our three brands: LŽbel, Esika, and Cyzone. After more than 40 years in the cosmetics industry, we have successfully established our presence in 16 countries in the Latin American and Caribbean region. Currently, more than 900,000 beauty consultants find in our brands a means to a better future. Our vision is to be the company that most helps put women in touch with their ideal of beauty and self fulfillment. For more information, please visit

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