IFC Lends $29 million to Star-performer MIBANCO of Peru

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Jul 2006
, July, 21 2006 - Banco de la Microempresas S.A., or MIBANCO, will be receiving a long term loan up to $29 million from The International Finance Corporation (IFC).

The loan was disbursed in both U.S. dollars and Peruvian soles. While the IFC has worked with MIBANCO for more than five years, this is the first local currency disbursement in Peru by the IFC. By allowing MIBANCO to provide longer term loans in the local currency, this will help to mitigate foreign currency risk. MIBANCO is Peru’s largest microfinance bank. Established in 1992, it had over 150,000 active borrowers at year end 2005. The gross loan portfolio was over $200 million. Total assets reported to the MIX Market were $250.5 million, with a return of 6.74%. According to the 2005 Annual Report, the IFC’s worldwide committed portfolio was $19.3 billion for fiscal year 2005.

 

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