MICROCAPITAL BRIEF: International Finance Corporation (IFC) to Invest $10m in Bancamia, a Microfinance Bank in Colombia

The International Finance Corporation (IFC), a member of the World Bank Group working to alleviate poverty through loan and debt securities, equity investments and guarantees, will invest USD 10 million in Bancamia, a microfinance bank in Colombia [1]. The goal of the investment is to support the expansion of the Colombian microfinance sector, thereby helping to increase access to financial services for microenterpreneurs in the country. According to Vincent Gourane, IFC’s Director for Latin America and the Caribbean, microfinance is a priority for IFC in Colombia as microenterprises account for 51 percent of all jobs and 95 percent of total businesses. Maria Mercedes Gomez, the President of Bancamia, said “IFC’s renewed support will allow us to extend services to more than 60,000 new clients and address gaps in formal financing for local microenterprises, many of which are run by women” [1]. According to the Microfinance Information Exchange (MIX) Market, in 2008 Bancamia had USD 202.6 million in total assets, a gross loan portfolio of USD 162.8 million, and 190,252 active borrowers with an average loan balance of USD 855.8 per borrower.

By Conner Brannen, Research Assistant

About Bancamia:

Bancamia, a microfinance institution in Colombia, was created in 2008 as a joint venture between Corporacion Mundial de la Mujer de Medellin, Corporacion Mundial de la Mujer Colombia and Fundacion Microfinanzas BBVA. According to the Microfinance Information Exchange (MIX) Market, in 2008 Bancamia had USD 202.6 million in total assets, a gross loan portfolio of USD 162.8 million, and 190,252 active borrowers with an average loan balance of USD 855.8 per borrower.

About the International Finance Corporation (IFC):

A member of the World Bank Group, the International Finance Corporation (IFC) uses loan and debt securities, equity investments and guarantees with the intent of alleviating poverty. It invests in financial institutions and other companies in emerging markets as well as providing technical assistance. The IFC has 182 member countries that collectively determine its policies, and approve investments. In fiscal year 2009, its new investments totaled USD 14.5 billion.

Sources and Additional Resources:

[1] International Finance Corporation (IFC): “IFC invests $10 million in Bancamia to Expand Microcredit in Colombia,” by Adriana Gomez, June 2, 2010: http://www.ifc.org/ifcext/media.nsf/content/SelectedPressRelease?OpenDocument&UNID=A5D24A401751D484852577360054E22D

[2] MicroCapital Universe Profile: Bancamia: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Bancamia

[3] MicroCapital Universe Profile: International Finance Corporation (IFC): https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=International+Finance+Corporation+%28IFC%29

[4] MICROCAPITAL BRIEF: responsAbility Mikrofinanz-Fonds Disperses Total of $3.2m to Microfinance Banks Inecobank of Armenia, AFK of Kosovo, Lazika Capital of Georgia and Coomuldesa of Colombia, May 19, 2010: https://www.microcapital.org/microcapital-brief-responsability-mikrofinanz-fonds-disperses-total-of-32m-to-microfinance-banks-inecobank-of-armenia-afk-of-kosovo-lazika-capital-of-georgia-and-coomuldesa-of-colombia/

[5] MICROCAPITAL BRIEF: responsAbility Global Microfinance Fund Invests Total of $2.76m in Microfinance Banks Crezcamos Colombia and Coomuldesa of Colombia and Nueva Vision of Peru, May 18, 2010: https://www.microcapital.org/microcapital-brief-responsability-global-microfinance-fund-invests-total-of-276m-in-microfinance-banks-crezcamos-colombia-and-coomuldesa-of-colombia-and-nueva-vision-of-peru/

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