With new loan, IIC renews its commitment to Peru’s Mibanco, Banco de la Microempresa S.A.

07/04/2011

Washington, D.C. – On July 1, 2011, the Inter-American Investment Corporation (IIC) approved a loan of up to US$15 million to Peru’s Mibanco, Banco de la Microempresa S.A. (Mibanco). The loan proceeds will be used to provide micro, small, and medium-sized enterprises with financing for working capital and the purchase of fixed assets, among other general operating needs.

This is the IIC’s second operation with Mibanco. The first loan helped strengthen and consolidate Mibanco by funding loans to micro and small enterprises in Peru.

"Thanks to this financing from the IIC we will continue to support entrepreneurs who have less access to the financial system, bringing them into the formal banking system. We will be generating opportunities for progress while we consolidate our own mission and growth," said Mibanco Treasury Manager Ramiro Postigo.

According to Zoila Pun, IIC investment officer in charge of the operation, "With this second operation the IIC will continue to support Mibanco’s performance by enabling it to grow its loan portfolio. It is expected that the loan proceeds will be used for granting more than 1,000 loans, primarily to micro and small enterprises in Peru since this sector accounts for 90% of Mibanco's portfolio."

About Mibanco

Mibanco was established in March 1998 and began operating in May of that same year. It was the first private commercial bank in Peru to specialize in microfinance, building on the operating experience of Grupo Acción Comunitaria del Perú Inversiones y Desarrollo ("Grupo ACP"), a nongovernmental organization that has been providing micro and small enterprises with financial support, technical advisory services, and training for more than forty years. For more information on Mibanco, visit www.mibanco.com.pe.

About the IIC

The IIC is a multilateral financial institution that is a member of the Inter-American Development Bank (IDB) Group. The IIC’s mission is to promote the economic development of its regional member countries by encouraging the establishment, expansion, and modernization of private enterprises, particularly those that are small and medium in size. It does so by providing financing (in the form of equity investments, loans, guarantees, and other instruments) and advisory services to private enterprises in Latin America and the Caribbean. In 2010, the IIC reached US$1.4 billion in assets and approved forty-nine operations channeling US$374.8 million to SMEs in the region. For more information on the IIC’s activities, please visit www.iic.int

Contact: Zoila Pun

Telephone: + (511) 215-1837

Email: zoilap@iadb.org