Caja Los Andes Credit Line

completed

REVISED Summary Of Project Information (SPI)Project NameBolivia - Caja de Los AndesRegionLatin America & CaribbeanSectorProject No008282Projected Board DateJune 30, 1998Company NameCaja de Ahorro y Prestamo Los Andes, S.A.Technical Partner and/or Major Shareholders Procredito, a Bolivian NGO dedicated solely to microlending is the principal shareholder. Smaller shareholdings are held by an affiliate of the Inter-American Development Bank (IDB) and Corporacion Andina de Fomento (CAF).Project Cost Including proposed IFC investment US$4 million of which the lesser of up to 25% or up to US$1 million would be an IFC equity investment and up to US$3 million would be a credit line to Los Andes.Location of project and Description of site La Paz, BoliviaDescription of Company and Purpose of Project Los Andes was established as a regulated finance company in 1995,dedicated to microlending. It took over the portfolio and operations of Procredito. Its approach to microlending is based on a detailed analysis of "family economics" rather than the Solidarity approach followed by Grameen Bank (Bangladesh) and BancoSol (Bolivia). The project will support the process of Los Andes'' transformation into a strong, efficient market-driven micro-lending institution. The development impact is expected to be strong in Bolivia where the micro enterprise sector employs nearly 60% of the work force and where about 55% of the population lives below the poverty line. IFC has strong institution building and resource mobilization roles.Environmental Category and Issues The project is classified as an FI according to IFC''s Environmental Review Procedure. Los Andes will be required to commit to the use of an exclusion list as part of the application review process and will disseminate appropriate environmental information to loan applicants.Date SPI sent to Infoshop:Revised: May 23, 1997May 13, 1998“This Summary of Project Information is prepared and distributed to the public in advance of consideration of the proposed transaction by the Corporation’s Board of Directors. It is provided for the purpose of enhancing the transparency of IFC’s activities and should not be construed as presuming the outcome of IFC Board consideration.”For Additional Information contact: Corporate Relations Unit -telephone: (202) 473-7711facsimile: (202) 974-4384