IFC invests US$25mn in Mifel to help maintain lending rates

Friday, August 26, 2011

The private sector branch of the World Bank, the International Finance Corporation (IFC), has agreed to buy US$25mn worth of equity in Mexican financial group Mifel.

The move is aimed at strengthening Mifel's lending to small and medium-sized businesses in the manufacturing, agribusiness and construction industries.

The investment will "help fill financing gaps caused by the retrenchment of commercial lenders and increasingly cautious investors," the IFC said in a statement.

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Mifel was founded in 1993 and now provides the whole range of retail and wholesale financial services through its four subsidiaries. At the end of 2010, the group had around US$3bn in assets.