Press release: IDB Invest provides loan to Mundo Mujer, the largest private microfinance bank in Colombia
IDB Invest, the private sector institution of the Inter-American Development Bank (IDB) Group, has provided a loan in Colombian pesos for $20 million to Banco Mundo Mujer, the leading private microfinance bank in Colombia. The funds will be used to finance micro and small entrepreneurs.
The financing allows Banco Mundo Mujer to increase its loan portfolio to support communities with easy and quick access to working capital, strengthening its businesses and productive units. In this way the deal seeks to generate financial inclusion by offering credit products adjusted to the needs and payment capacity of Colombians.
Colombia has around 2.5 million micro, small and medium enterprises. Microcredit remains one of the most important channels of banking. During 2017, the most significant entryway to the financial system for adults included savings accounts and microcredit.
Photo courtesy of Juan G Gutiérrez Forero.