The International Finance Corporation (IFC), the private-investment arm of the World Bank Group, has invested USD 10 million in equity in Chilean insurance company Aseguradora Magallanes (AM) in an effort to expand the availability of insurance products, such as life and agribusiness insurance, to owners of under-served small businesses in Chile. The investment is also expected to encourage other investors to enter Chile’s insurance market [1].
For the year 2010, AM reported total assets of CLP 103 billion (USD 214 million). As of 2011, IFC has 182 member countries, total assets of USD 68.5 billion and total investment mobilization of USD 12.2 billion to 518 projects. Between 1957, when Chile became a member of IFC, and 2011 IFC has invested USD 2.6 billion in the country’s private sector.
By Brendan Millan, Research Associate
About International Finance Corporation (IFC): A member of the World Bank Group, IFC offers loans, equity investments, advisory services and technical assistance to private companies with the intent of alleviating poverty and promoting open and competitive markets in developing countries. As of 2011, IFC has 182 member countries, total assets of USD 68.5 billion and total investment mobilization of USD 12.2 billion to 518 projects.
About Aseguradora Magallanes (AM): Incorporated in 1956, AM is an insurance provider in Chile. The company has approximately 480 employees, 24 branches and 700,000 clients. For the year 2010, AM reported total assets of CLP 103 billion (USD 214 million).
Sources and Resources:
[1] International Finance Corporation (IFC): “IFC Invests in Chile’s Magallanes to Expand Insurance for Small Enterprises in Southern Cone.”, http://www.ifc.org/IFCExt/pressroom/IFCPressRoom.nsf/0/11BD3A7944B0CA5A852579CF0050495D
MicroCapital.org Article, March 29, 2012, “International Finance Corporation (IFC), Spain, Netherlands, LuxembourgPartners to Support Mobile Financial Services in Remote Regions of Latin America, Caribbean”, https://www.microcapital.org/microcapital-brief-international-finance-corporation-ifc-spain-netherlands-luxembourg-partners-to-support-mobile-financial-services-in-remote-regions-of-latin-america-caribbean/
MicroCapital.org Article, March 1, 2012, “International Finance Corporation Gives $15m to National Cooperative of Educators in Costa Rica (Coopenae) for Enterprise Microfinance”, https://www.microcapital.org/microcapital-brief-international-finance-corporation-gives-15m-to-national-cooperative-of-educators-in-costa-rica-coopenae-for-enterprise-microfinance/
MicroCapital.org Article, May 6, 2011, “Spanish Fund for Latin America and The Caribbean (SFLAC), International Finance Corporation (IFC) to Assist Salvadoran Microfinance Institution (MFI) Ahorro y Credito de RL in Developing Savings Product, Building Sustainable Business Plan”, https://www.microcapital.org/microcapital-brief-spanish-fund-for-latin-america-and-the-caribbean-sflac-international-finance-corporation-ifc-to-assist-salvadoran-microfinance-institution-mfi-ahorro-y-credito-amc-de-rl-in/
MicroCapital Universe Profile: International Finance Corporation (IFC), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=International+Finance+Corporation+%28IFC%29
Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/
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