31778 - BIF III

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Summary of Proposed Investment

Project Number

31778

Company Name

BANCO INTERAMERICANO DE FINANZAS SA

Date SPI Disclosed

Jun 1, 2012

Country

Peru

Industry

Financial Markets

Projected Board Date

Jul 2, 2012

Status

Completed

Sector

Commercial Banking - General

Department

Global Industry, Financial Markets

Environmental Category

Previous Events

Approved : Jun 7, 2013
Signed : Jul 8, 2013
Invested : Jul 23, 2013

Project Description

The proposed investment consists of a debt package of up to US$65 million to Banco Interamericano de Finanzas (“BanBif” or the “Bank”), comprising an IFC A Loan of up to US$15 million and a B Loan package for the balance. The B Loans are expected to be funded mainly by commercial banks.

The proposed project is expected to help BanBif continue accelerating the growth of its SME portfolio, access longer term financing. It will also help the Bank diversify its funding sources by opening up new relationships with international commercial banks.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	15.0
Equity

Development Impact

- Without the Project, it would be much harder for BanBif to raise the amount of medium-term funding it is seeking from diversified sources and at competitive market conditions. If fully deployed, the loan could help make financing available for over 3,000 SME loans during the life of the project.
- The income derived from the financing activity made possible by the investment would be widely distributed helping reduce the income gap prevailing in Peru.

- IFC would support the mobilization of long term funding from commercial Banks providing comfort to potential B lenders given IFC''s established relationship with the Bank.
- IFC will support expanding BanBif''s relationships with commercial banks and increasing the Bank''s funding diversification. This would otherwise take longer for the Bank to achieve. IFC''s stamp of approval is important to get the necessary commitments from B lenders.
- IFC has been key in supporting and guiding the Bank''s SME strategy. Now the SME business is an important line of business and among the highest growth areas in the Bank.

This project has been classified as a Category FI project. Under the two existing projects (25717 and 29540), the client was required to implement and maintain an Environmental and Social Management System (ESMS) to verify that its sub-borrowers comply with the IFC FI Exclusion List and the environmental and social laws of Peru. The client has implemented the ESMS and is currently in compliance with IFC''s E&S requirements, including reporting. During appraisal IFC reviewed the client''s portfolio to confirm the applicable environmental and social requirements and assessed the existing ESMS adequacy to deal with the E&S risks of the portfolio. The client''s labor practices are in accordance with the IFC’s Performance Standards 2: Labor and Working Conditions.

Contacts

For Inquiries About the Project, Contact

Mr. Javier Arroyo
Banco Interamericano de Finanzas
Av Rivera Navarrete 600, San Isidro
Lima, Peru
Telephone: (511) 6133000
mailto:jarroyo@banbif.com.pe

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This Summary of Proposed Investment is prepared and distributed to the public in advance of the IFC Board of Directors' consideration of the proposed transaction. It is not an offer of shares to the public and is intended solely to enhance the transparency of IFC’s activities. This document should not be construed as presuming the outcome of the Board decision. Board dates are estimates only. The following SPI is disclosed in accordance with IFC’s Policy on Disclosure of Information that went into effect April 30, 2006.

The map is for illustrative purposes and does not imply the expression of any opinion on the part of the World Bank, concerning the legal status of any country or territory or concerning the delimitation of frontiers or boundaries. Country borders or names do not necessarily reflect the World Bank Group's official position. In some cases, available project location information is limited to the country of the project's activities. Locations are approximate.

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