IFC Invests $35m for Finca Loan Expansion |
|
June 26, 2011
The International Finance Corporation is making its largest single equity investment into microfinance, channelling $35m to jump-start an investment partnership to expand the reach of Finca International, one of the world’s oldest and largest organisations providing small loans to the poor.
The International Finance Corporation is making its largest single equity investment into microfinance, channelling $35m to jump-start an investment partnership to expand the reach of Finca International, one of the world’s oldest and largest organisations providing small loans to the poor.
Washington DC-based Finca will receive a total of $74m over three years from the IFC, which is part of the World Bank, and from European development banks and social investors to start a new subsidiary that it hopes will let it double its reach to 1.5m people.
The partners hope the capital will enable 25-year-old Finca to reach poorer and more remote borrowers with savings accounts and some insurance products in the 21 nations where it operates.
Related Links
