The International Finance Corporation (IFC), the private sector arm of the World Bank Group, recently announced that it will provide FinTerra, a Mexican microfinance institution (MFI) founded in 2004, targeted technical assistance aimed at increasing its ability to serve lower- and middle- income borrowers, as well as MXN 15 million (USD 1.18 million) in the form of a credit line.
Greta Bull, IFC Regional Business Line Leader, said, “IFC seeks to improve access to finance for smaller businesses by providing needed technical assistance to local financial institutions. IFC is eager to continue supporting financial institutions like FinTerra with programs that help them build sound portfolios. A press release from IFC states that the technical assistance will include advanced credit risk management tools designed to serve lower- to middle- income borrowers. As of March 2007, FinTerra’s total assets were USD 42.7 million and total equity was USD 5.1 million.
About 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.
About FinTerra:
FinTerra is a Mexican non-bank financial institution that began operations in 2004. It specializes in lending to small and medium-sized enterprises (SMEs) in the agricultural and agribusiness sectors. As of March 2007, the company’s total assets were USD 42.7 million and total equity was USD 5.1 million.
By Matthew Fox, Research Assistant
Sources and Additional Resources
International Finance Corporatio (IFC): Press Release August 19, 2010: http://www.ifc.org/IFCExt/pressroom/IFCPressRoom.nsf/0/FE0E5DFC029168AF8525778400583C3B?OpenDocument
MicroCapital Universe: International Finance Corporation (IFC): https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=International+Finance+Corporation+(IFC)
MicroCapital Universe: FinTerra: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=FinTerra
Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/
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