Perú, May 14 2013— IFC, a member
of the World Bank Group, today announced a $50 million investment,
which will help Banco Interamericano de Finanzas (BanBif) double the number
of small and medium enterprises (SMEs) it serves in Peru by 2017.
Although Peru’s economy has grown at
a steady pace during the last few years, access to finance for SMEs is
still limited and continues to constrain their growth. This transaction
consolidates IFC and BanBif’s partnership and will help increase banking
penetration and competition in Peru. It also boosts financing for
underserved sectors, such as SMEs, which are key drivers of job creation.
BanBif currently has an SME loan portfolio
of close to US$560 million, serving more than 32,000 SMEs in 15 regions
of the country.
“IFC support has been important for
us to deploy our growth strategy in Peru, which is focused on expanding
our operations into the SME segment,” said Juan Ignacio de la Vega, BanBif’s
CEO. “Going forward, the current capital injection will enable BanBif
to keep the growing in this segment.”.
Giri Jadeja, IFC Manager for Financial
Markets in Latin America and the Caribbean, said, “This investment in
BanBif will help promote lending to SMEs in Peru, supporting entrepreneurship,
job creation and boosting shared prosperity. This consolidates the relationship
IFC has built with BanBif since 2007, and deepens the type of financial
services offered in the country."
IFC’s financing is consistent with
the World Bank Group’s strategy in Peru to expand opportunities to increase
economic growth and competitiveness, reduce poverty and inequality, and
enhance the level of financial services being offered.
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, mobilizing capital in international financial
markets, and providing advisory services to businesses and governments.
In FY12, our investments reached an all-time high of more than $20 billion,
leveraging the power of the private sector to create jobs, spark innovation,
and tackle the world’s most pressing development challenges. For more
information, visit www.ifc.org.
BanBif is the sixth largest commercial
bank in Peru with over US$2.2 billion in assets and US$164 million in equity.
The Bank, which started out with a focus on foreign trade and corporate
banking, has recognized the importance of the SME segment and since 2007
is expanding into SME and consumer businesses.