MICROCAPITAL BRIEF: International Finance Corporation (IFC) to Provide $18m to Peru-based La Positiva Seguros Generales through Convertible Subordinated Loan to Expand Insurance to Poor People

The International Finance Corporation (IFC), a member of the US-based World Bank Group that offers financial services to businesses and governments in developing countries with the aim of increasing economic growth, recently announced that it will provide USD 18 million to La Positva Seguros Generales, a Peru-based insurance company, through a convertible subordinated loan to expand the availability of insurance to disadvantaged populations within Peru. La Positiva Seguros Generales provides insurance in the agricultural and automobile sectors, among others.

Carlos Leiria Pinto, the IFC Head for the Andean Region, stated that “this investment strengthens the long-term relationship between IFC and La Positiva Seguros aimed at supporting the growth of La Positiva and its efforts to promote the growth of the insurance sector to include underserved sectors of the population.”

According to a statement attributed to Gustavo Cerdeña, the CEO of La Positiva Seguros Generales, IFC’s investment “demonstrates both institutions’ focus on expanding insurance services to reach the most disadvantaged population groups, and in particular those located in the provincial cities.”

IFC has 184 member countries and reported total assets of USD 77.5 billion as of fiscal year-end 2013. Financial information for La Positiva Seguros Generales is unavailable in English but additional information regarding the company may be found in Spanish on its website.

By Ananya Tiwari, Research Associate

About International Finance Corporation
The International Finance Corporation (IFC), a US-based multilateral development bank and member of the World Bank Group, offers loans, equity investments, advisory and risk mitigation services and technical assistance to private companies with the intent of alleviating poverty and promoting open and competitive markets in developing countries. IFC has 184 member countries and reported total assets of USD 77.5 billion as of fiscal year-end 2013.

Sources and Additional Resources

[1] IFC Press Release, http://ifcext.ifc.org/ifcext/Pressroom/IFCPressRoom.nsf/0/FEC5F41B475D092285257D9C00546497?opendocument

MicroCapital, December 7, 2014, “International Financial Organization (IFC) to Invest $67m in Equity in Bank Alfalah of Pakistan to Promote Financial Access for Small, Medium-sized Enterprises (SMEs); Economic Growth; Job Creation,” https://www.microcapital.org/microcapital-brief-international-financial-organization-ifc-to-invest-67m-in-equity-in-bank-alfalah-of-pakistan-to-promote-financial-access-for-small-medium-sized-enterprises-smes-economic-gro/

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

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