Lima, Peru, October 14, 2010—IFC,
a member of the World Bank Group, and FMO, the entrepreneurial development
bank of the Netherlands, will provide $30 million to Banco Interamericano
de Finanzas to develop longer-term financial products for midsize businesses
The IFC-FMO investment could help increase the number of small-business
loans that BIF disburses by at least 3,500 a year from 2010 to 2014. The
investment consists of a $15 million senior loan for IFC’s account and
a $15 million senior debt mobilized from FMO. It is the first parallel
loan to a financial institution under an agreement signed by IFC and FMO
in October 2009.
“This financing package will help diversify BIF’s funding sources and
increase its duration, while creating a robust base to expand our support
to Peruvian SMEs,” said Juan Ignacio de la Vega, BIF’s General Manager.
Jorrit Dingemans, FMO Investment Officer Financial Institutions, said,
“Long-term financing for small and medium enterprises is still relatively
scarce in Peru, and we are pleased to be able to support BIFC in expanding
access to such financing to more than 1,000 additional SME clients.”
IFC and BIF have been partners since 2007, when IFC provided BIF with a
subordinated loan of $18 million. In 2009, IFC provided a $15 million
trade-finance facility to increase the bank’s trade capacity with exporter
and importer clients. With that investment, BIF became the first
issuing bank under IFC’s Global Trade Finance Program in Peru.
“In strengthening our partnership with BIF, we plan to continue addressing
the financial needs of Peru’s small and medium enterprises, a key component
for private sector growth and an essential source of employment in the
country,” said Enrique Cañas, IFC Regional Manager for Colombia, Ecuador,
Peru, and Venezuela.
An IFC strategic priority in Peru and in Latin America is to help deepen
the financial sector and improve access to financing and banking services
to segments that currently are not served by large banks, such as agribusiness,
microfinance, and small and medium enterprises. As of September 2010, IFC’s
committed portfolio in the country was close to $814 million.
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.
For more information about FMO, please visit www.fmo.nl
For more information about Banco Interamericano de Finanzas, please visit