Mibanco III

completed

The proposed project involves a $29 million loan to Banco de la Microempresa S.A (Mibanco), Peru’s largest specialized microfinance institution. Mibanco offers its 165,000 clients, a majority of which live below the poverty line, a range of financial services, including working capital loans, credit cards, consumer loans, savings accounts, term deposits and checking accounts. Mibanco employs over 1,800 staff, and has a branch network consisting of 65 offices located in Lima and seven other regions of the country. Mibanco’s average loan balance is approximately $1,300 equivalent, and over half of these loans are to women. The project is expected to:- diversify Mibanco’s funding base; - provide it with longer term financing; - expand its loan portfolio; and - offer longer maturities to its microenterprise clients.