IIC Supports Rural MSMEs in Bolivia
Loan of up to US$500,000 for Sembrar Sartawi IFD will provide financing for rural productive sectors
Guadalajara, Mexico, September 30, 2013 — The Inter-American Investment Corporation (IIC) has approved a US$500,000 loan for Sembrar Sartawi IFD, a finance company that will use its proceeds to finance micro, small, and medium-sized enterprises (MSMEs) operating in Bolivia’s rural productive sectors.
The loan was announced during the Inter-American Forum on Microenterprise (Foromic), one of the most important international meetings of the microfinance sector, which opened today in Guadalajara, Mexico, with more than 1,500 participants.
According to Marcelo Mallea Castillo, the general manager of Sembrar Sartawi IFD, “The proceeds of the loan will enable us to address, in both a timely and appropriate way, the different financing needs of small farmers in rural Bolivia. We thank the IIC for its commitment and for the trust it has placed in us.”
“The IIC supports MSMEs in Bolivia with a focus on expanding their access to credit that meets their particular investment needs,” explained IIC general manager, Carl Muñana. “Small rural producers often lack the appropriate type of financing they need to improve the quality of their products and increase productivity. Through local financial institutions like Sembrar Sartawi IFD, we are able to provide rural producers with this financing and promote their growth, which in turn increases their contribution to the Bolivian economy and decreases the country’s poverty rate.”
A nonprofit development finance institution, Sembrar Sartawi IFD has been operating in the Bolivian microfinance market for more than two decades. It has approximately 14,500 customers, most of whom are farmers. The company tailors its credit products to meet the specific needs of its customers, with special emphasis on those that are smallest in scale. The products offered by Sembrar Sartawi not only improve rural producers’ access to credit but also their quality of life. The company has a network of 21 branch offices throughout the country.
About the IIC
The IIC, a member of the Inter-American Development Bank (IDB) Group, promotes private-sector development in Latin America and the Caribbean with a focus on small and medium-sized enterprises (SMEs). We help companies streamline management processes and provide them with financing in the form of equity investments, loans, and guarantees. In 2012, the IIC approved 73 operations totaling US$378.9 million. Throughout our history, we have approved nearly 800 direct loans to SMEs and financial intermediaries, for a total of US$4.8 billion. An additional US$2.8 billion has been mobilized through cofinancing and syndication agreements. For more information on IIC activities, visit www.iic.org
Contact: Michael C. Apel
Telephone: +1 (202) 623-2521