According to IFC website, the project consists of a $50 million remittance-backed funding transaction with Federación de Cajas de Crédito y de Bancos de los Trabajadores, S.C. de R.L. de C.V. (“Fedecredito” or “FDC”) an existing client, intended to support FDC’s growing portfolio of consumer, MSMEs and housing loans that are provided through its 55 member institutions. IFC will participate with $15 million for its own account, and the remaining $35 million will be provided by international investors.
IFC will participate with $15 million for its own account, and the remaining $35 million will be provided by international investors. The proposed investment is remittance-backed lending of up to $50 million for up to 7 years.
Fedecrédito is a co-operative with limited liability and variable capital. It is owned by 55 member institutions. The member institutions are owned by their cooperative members (944,000 members as of June 2016).
Project Contact: Ernesto Pacheco
Online Banking Manager, FEDECRÉDITO
Office Address: 25 Av. Norte y 23 Calle Poniente, Edificio Macario Armando Rosales Rosa, San Salvador
Contact No.: (503) 2209-9679; (503) 7841-0589
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