Banco Compartamos S.A. receives IIC loan of up to US$32 million
11/17/2010Loan proceeds will contribute to the development of Mexico’s microenterprise sector
Washington, D.C. - On November 17, 2010, the Inter-American Investment Corporation (IIC) approved a loan of up to US$32 million to Banco Compartamos S.A. in Mexico. This is the IIC’s third operation with the bank, and it will continue to strengthen the strategic relationship between both institutions.
According to Mónica Navarrete, IIC Investment Officer in charge of the operation, "With this medium-term, local-currency loan the IIC will assist Banco Compartamos in diversifying its sources of funding and meeting the needs of Mexico’s most underserved groups. Compartamos serves microentrepreneurs who do not traditionally have access to financing, such as artisans, small farmers, and other small businesses, primarily women in rural areas, enabling them to develop their businesses and build the well-being of their families and communities, while generating foreign exchange and creating jobs in the country."About Banco Compartamos S.A.
Banco Compartamos is a Mexican niche bank specializing in microfinance that began to operate in 1990 as a nonprofit entity. It was established as Financiera Compartamos, Sociedad Financiera de Objeto Limitado (SOFOL) in 2000 and has been operating as a multipurpose bank since 2006. Compartamos was the first microfinance institution in Latin America to offer capital on the Mexican Stock Exchange.
The bank offers microloans to individuals and small businesses among Mexico’s low-income population through its 345 branches. For more information on Banco Compartamos, please visit www.compartamos.com.mxAbout 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 2009, the IIC reached US$1.4 billion in assets and approved 40 operations channeling US$299.8 million to SMEs in the region. For more information on the IIC’s activities, please visit www.iic.int
Contact: Mónica Navarrete (in El Salvador)
Telephone: + (503) 2233-8901