Bogotį, Colombia, May 26, 2015—IFC,
part of the World Bank Group, provided a new US$20 million loan to Credivalores-Crediservicios
S.A.S (“Credivalores”) to continue boosting the company’s efforts to
expand access to financial services for low-income families in Colombia.
This is the second loan that IFC grants
Credivalores, for a total amount of US$45 million, which is evidence of
IFC’s commitment to support the company’s strategy. The first loan for
US$25 million was made in 2012 and is still in effect. The funds from the
new financing will be used to improve access to credit for low and middle
income segments of the population, which is the company“s target market.
The loan from IFC will also help Credivalores
offer loans to low and middle income individuals living in small and intermediate
cities. The company“s diversified platform of products include payroll
deduction loans, consumer credit loans through a credit card collected
with public utility bills and financing of insurance policies premiums.
“We are very pleased with the support
and trust that since 2012 IFC has placed on Credivalores. This second loan
is proof of Credivalores successful strategy and will help develop our
mission of providing financing to those segments of the population who
need it the most”, said David Seinjet, Credivalores CEO.
Carlos Leiria Pinto, head of IFC for
the Andean Region, said that “this investment by Credivalores helps promote
some of the most underprivileged sectors of the economy and ensure that
this segment of the population can access formal financing”
This loan by IFC is part of its strategy
to expand opportunities to increase economic growth and competitiveness,
reduce poverty and inequality, and enhance the level of financial services
being offered in rural areas.
In Colombia, IFC endeavors to support
sectors that are essential for the country’s social and economic development,
such as infrastructure, health, education, agribusiness, and public-private
partnerships to build ports, roads, and airports. It also promotes access
to financing for microenterprises and small and medium-sized businesses
and is helping to improve the investment climate.
IFC, a member of the World Bank Group,
is the largest global development institution focused exclusively on the
private sector. Working with private enterprises in about 100 countries,
IFC uses its capital, expertise, and influence to help eliminate extreme
poverty and boost shared prosperity. In FY14, IFC provided more than $22
billion in financing to improve lives in developing countries and tackle
the most urgent challenges of development.
Credivalores is the largest non-bank
financial institution in Colombia with more than 600,000 clients. With
presence in more than 46 cities and regions, Credivalores offers credit
products to improve the quality of lives of low and middle income individuals.
The company is currently rated ori AA- (positive outlook) by BRC Standard
and Poor’s and B+/B by Standard and Poor“s.