MICROCAPITAL BRIEF: Andean Development Corporation (CAF) Approves $5m Line of Credit for Caja Rural de Ahorro y Credito (CRAC) Nuestra Gente to Support Micro and Small Enterprises in Peru

The Andean Development Corporation (CAF), a multilateral financial institution working across Latin America, has approved a USD 5 million line of credit for Caja Rural de Ahorro y Credito (CRAC) Nuestra Gente, a microfinance institution in Peru, to finance micro- and small enterprises in Peru. According to Eleonora Silva Pardo, the director of CAF in Peru, the granting of this line of credit is part of CAF’s goal of improving support for the micro- and small enterprise sector in all of Latin America. According to the microfinance information exchange (MIX) market, as of 2008, CRAC Nuestra Gente had USD 163 million in total assets, a gross loan portfolio of USD 123 million, USD 105 million in deposits and 77,000 active borrowers with an average loan balance of USD 1,600 per borrower. Details such as the interest rate have not been disclosed.

By Conner Brannen, Research Assistant

About Andean Development Corporation (CAF):

The Andean Development Corporation (CAF) is a multilateral financial institution owned by 16 shareholder countries and 14 private banks shareholders from Latin America and the Caribbean, as well as Spain and Portugal. It was established in 1970 in Caracas, Venezuela. It provides loans for purposes such as microfinance, infrastructure, and health in Latin America and the Caribbean. It also provides financial advisory services and technical services. As of the end of 2008, CAF had USD 14.2 billion in total assets and an investment and loan portfolio of USD 10.2 billion.

About Caja Rural de Ahorro y Credito (CRAC) Nuestra Gente:

Established in 2008, Caja Rural de Ahorro y Credito (CRAC) Nuestra Gente is a microfinance institution offering financial products to entrepreneurs in the coastal regions of Peru. According to the microfinance information exchange (MIX) market, as of 2008, CRAC Nuestra Gente had USD 163 million in total assets, a gross loan portfolio of USD 123 million, USD 105 million in deposits and 77,000 active borrowers with an average loan balance of USD 1,600 per borrower.

Sources and Additional Resources:

CAF: “CAF approves US$5 million line of credit in favor of Caja Rural de Ahorros y Credito Nuestra Gente S.A,” July 26, 2010: http://www.caf.com/view/index.asp?ms=19&pageMs=69892&new_id=72581

MicroCapital Universe Profile: Andean Development Corporation (CAF): https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Andean+Development+Corporation+%28CAF%29

MicroCapital Universe Profile: Caja Rural de Ahorro y Credito (CRAC) Nuestra Gente: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Caja+Rural+de+Ahorro+y+Credito+%28CRAC%29+Nuestra+Gente

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