EC-L1104 : Credife: Financial Services and Microenterprise Development for the BoP

Project Status
Completed

To achieve the project¿s objectives, the Sector of Opportunities for the Majority (OMJ / OMJ) and the Division of Financial Markets (SCF / FMK) will jointly structure a senior unsecured loan for Banco Pichincha (BP) in the amount of USD $ 40 million for a period of up to six (6) years, with three (3) years grace period. The loan proceeds will be used (i) by CREDIFE¿s Desarrollo Microempresarial of Banco Pichincha in order to expand its credit portfolio, especially for acquisition of fixed assets, associated working capital, and improvements to retail space; and (ii) to finance the investments required by those entrepreneurs who qualify to become banking correspondents (CNB) in order to extend the geographical coverage as well as the range of financial products and services available domestically.

PROJECT DETAIL

Project Number EC-L1104
Operation Number 3250A/OC-EC-2
Country Ecuador
Sector FINANCIAL MARKETS
Subsector FINANCIAL MARKETS-BANKING MARKET DEVELOPMENT
Project Type Loan Operation
Project Status Completed
Approval Date JUL 16, 2014
Contract Signature Date FEB 25, 2015
Completion Date MAR 17, 2015
IDB Financing * 10.00

PROJECT INFORMATION

Total Cost H USD 80,000,000
Country Counterpart Financing USD 70,000,000
Financing Type Private Sector Loan
Fund Ordinary Capital
Reporting currency USD - United States Dollar
Reporting Date SEP 30, 2017
PORTFOLIO DETAILS
Key Value
H Historical
R Revalued

*For active and closed projects, the IDB financing at Board approval is shown in US$ millions. This does not reflect any cancellations. For projects in Preparation the amount shown is the Estimated IDB Financing. Approved projects shows either Estimated IDB Financing or Historic Approved amount. The IDB financing for projects in the pipeline is indicative and may be modified during the project preparatio

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