IFC Provides New $20 million Loan to Credivalores to Boost Access to Finance in Colombia
IFC, part of the World Bank Group, provided a new US$20 million loan to Credivalores-Crediservicios S.A.S (“Credivalores”) to continue boosting the company’s efforts to expand access to financial services for low-income families in Colombia.
This is the second loan that IFC grants Credivalores, for a total amount of US$45 million, which is evidence of IFC’s commitment to support the company’s strategy. The first loan for US$25 million was made in 2012 and is still in effect. The funds from the new financing will be used to improve access to credit for low and middle income segments of the population, which is the company´s target market.
The loan from IFC will also help Credivalores offer loans to low and middle income individuals living in small and intermediate cities. The company´s diversified platform of products include payroll deduction loans, consumer credit loans through a credit card collected with public utility bills and financing of insurance policies premiums.
“We are very pleased with the support and trust that since 2012 IFC has placed on Credivalores. This second loan is proof of Credivalores successful strategy and will help develop our mission of providing financing to those segments of the population who need it the most”, said David Seinjet, Credivalores CEO.
Carlos Leiria Pinto, head of IFC for the Andean Region, said that “this investment by Credivalores helps promote some of the most underprivileged sectors of the economy and ensure that this segment of the population can access formal financing”
This loan by IFC is part of its strategy to expand opportunities to increase economic growth and competitiveness, reduce poverty and inequality, and enhance the level of financial services being offered in rural areas.
In Colombia, IFC endeavors to support sectors that are essential for the country’s social and economic development, such as infrastructure, health, education, agribusiness, and public-private partnerships to build ports, roads, and airports. It also promotes access to financing for microenterprises and small and medium-sized businesses and is helping to improve the investment climate.
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in about 100 countries, IFC uses its capital, expertise, and influence to help eliminate extreme poverty and boost shared prosperity. In FY14, IFC provided more than $22 billion in financing to improve lives in developing countries and tackle the most urgent challenges of development.
Credivalores is the largest non-bank financial institution in Colombia with more than 600,000 clients. With presence in more than 46 cities and regions, Credivalores offers credit products to improve the quality of lives of low and middle income individuals. The company is currently rated ori AA- (positive outlook) by BRC Standard and Poor’s and B+/B by Standard and Poor´s.
This news content was configured by WebWire editorial staff. Linking is permitted.
News Release Distribution and Press Release Distribution Services Provided by WebWire.