Investment in Financiera Nicaragüense de Desarrollo (FINDE S.A.)
The funds disbursed by the MIF will enable FINDESA, Financiera Nicaragüense de Desarrollo Sociedad Anónima, to finance approximately 2,600 microenterprises. The resources invested by the MIF will serve as a catalyst for the recruitment of two international private sector partners: Développement International Desjardins (DID) of Canada, and Stichting Hivos-Triodos Fonds, managed by the Triodos Bank of the Netherlands. These two investors will take an active role in corporate governance of the institution and, in the case of Desjardin, will act as technical adviser by transferring the methodology needed to mobilize resources and training FINDESA's personnel in the means for attracting deposits.
The technical assistance resources provided by the MIF will co-finance a program to develop new financial services in FINDESA, including: saving accounts, attracting deposits and transmitting remittances from Nicaraguan emigrants. In addition, a new banking establishment will be opened in Waslala (Department of Matagalpa), which has no formal financial institution at present. The operation will serve as a model primarily for those institutions that offer microfinancing outside the formal financial system.

Project Detail

Country

Nicaragua

Project Number

NI-L1137

Approval Date

July 30, 2003

Project Status

Closed

Project Type

Loan Operation

Sector

-

Subsector

-

Lending Instrument

Instrumento del Fondo Multilateral de Inversiones

Lending Instrument Code

MIF

Modality

-

Facility Type

-

Environmental and Social Impact Category (ESIC)

-

Total Cost

USD 1,000,000.00

Country Counterpart Financing

USD 0.00

Original Amount Approved

USD 1,000,000.00
Financial Information
Operation Number Lending Type Reporting Currency Reporting Date Signed Date Fund Financial Instrument
65/MS-NI Non-Sovereign Guaranteed USD - United States Dollar MIF-Small Enterprise Investment Fund MIF Financing
Operation Number 65/MS-NI
  • Lending Type: Non-Sovereign Guaranteed
  • Reporting Currency: USD - United States Dollar
  • Reporting Date:
  • Signed Date:
  • Fund: MIF-Small Enterprise Investment Fund
  • Financial Instrument: MIF Financing