Paper says Mibanco seeking US$30mn loan abroad

Wednesday, December 12, 2007

Peruvian microcredit lender Mibanco is seeking a US$30mn loan from international banks, according to local daily El Comercio.

The credit operation is being structured by World Bank private sector arm IFC and a US bank, the report said.

The daily reported some 10 foreign banks had offered Mibanco financing exceeding its needs.

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Mibanco is seeking funding abroad to lend more to Peru's lower-income segments, the report said.

In July this year, Mibanco controlling shareholder ACP Inversiones y Desarrollo sold 6.5% of the bank to IFC.

Mibanco controlled 27% of total microenterprise loans granted by the country's commercial banks at end-March.