San Salvador, El Salvador, May 3, 2011—IFC,
a member of the World Bank Group, is working with AMC, the second-largest
microfinance institution in El Salvador, to enhance the availability of
financial services for the country’s underserved populations, especially
in rural areas and for women entrepreneurs.
IFC seeks to strengthen AMC’s institutional capabilities and help them
better meet the needs of low-income clients in El Salvador. In particular,
IFC will reinforce AMC’s capacity for strategic planning and credit-risk
management, as well as help design a new deposit product. This initiative
is supported by the Spanish Fund for Latin America and the Caribbean from
the Spanish Ministry of Economy and Finance.
“In partnership with IFC, we expect to transform into a regulated institution
that provides a full range of financial services to our clients and deepens
the access to finance for low-income households in rural areas,” said
Wilson Salmeron, AMC’s Executive Director.
AMC operates in 12 of the 14 provinces in El Salvador, and it is expanding
into southern Honduras to reach more micro and small enterprises. Its
portfolio primarily comprises women and rural borrowers, representing 60
percent and 62 percent of total loans, respectively.
“IFC’s engagement in El Salvador aligns with our strategy to promote
inclusive growth and increase competitiveness,” said Greta Bull, Program
Manager for IFC Advisory Services in Latin America and the Caribbean. “As
a partner, we’ll work with AMC on its long-term sustainability and to
create a savings product specifically tailored to meet the needs of its
IFC’s offices established in Central America allow for efficient support
and understanding of the region’s economic and social-development challenges.
By supporting economic growth and regionalization, IFC hopes to reduce
the economic inequality that exists among the countries. IFC plays
a role in increasing the competitiveness of key industries that ultimately
will make Central America more prosperous and stable for its people.
For more information about AMC, visit http://www.amc.com.sv/.
IFC, a member of the World Bank Group, is the largest global development
institution focused on the private sector in developing countries. We create
opportunity for people to escape poverty and improve their lives. We do
so by providing financing to help businesses employ more people and supply
essential services, by mobilizing capital from others, and by delivering
advisory services to ensure sustainable development. In a time of global
economic uncertainty, our new investments climbed to a record $18 billion
in fiscal 2010. For more information, visit www.ifc.org.