IFC lends $25m to Compartamos acquired MFI in Peru

Microfinance Focus, February 15, 2012: World Bank’s International Finance Corporation (IFC) will be providing a $25 million loan to Peru’s microfinance company Financiera Creditos Arequipa (Financiera Crear). The loan will be used by the MFI to expand financing for micro, small and medium enterprises in low-income and rural areas of the country.

Financiera Crear, formerly Habitat Arequipa, was established in 1992, as a private finance company specialized in microfinance. In June 2011, Financiera Crear was acquired by Compartamos, the largest microfinance provider in Mexico and the largest, in terms of number of active clients, in the Latin American and Caribbean region.

IFC will directly provide the equivalent of $12.5 million in Peruvian currency to the company and the equivalent of $12.5 million in syndicated loans from other investors.

Financiera Crear reaches more than 106,000 micro and small enterprises in Peru that lack access to the conventional banking system. It has a network of 27 branches located in Lima and Arequipa.

The agreement with Financiera Crear is consistent with IFC’s strategy in Peru to increase competitiveness, reduce poverty and inequality, and expand economic growth. As of December 2011, IFC’s committed investment portfolio in Peru totaled $818 million.

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