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
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.
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.
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.