According to IFC website, the project consists of subscribing senior bonds to Banco Mundo Mujer for up to COP 80,000 million (approximately US$25.8 million) to support the growth of the Bank’s microenterprise loan portfolio. IFC’s financial support and mobilization efforts should send a positive signal to the market, as it would provide medium-to-long term financing through a bond issuance aimed at targeted institutional investors, ultimately deepening financial and capital markets in Colombia.
Further, the development impact of the project is expected to be high as IFC's investment will enhance BMM's ability to support productive micro-enterprises which will in turn stimulate growth, employment generation and poverty reduction. Additionally, the Bank will be able to increase its outreach and sustainability by incorporating new entrepreneurs into Colombia's formal financial sector.
Banco Mundo Mujer is a local financial institution supervised by the Superintendencia Financiera de Colombia. BMM was created in September 2014 and started operations in February 2015, after the transfer of assets and liabilities from Fundacion Mundo Mujer into a new regulated institution. The Bank is currently the largest private provider of microfinance in the Country in terms of assets. BMM is majority owned by Fundacion Mundo Mujer, a non-regulated NGO affiliated to the Women’s World Banking Network (WWB).
Project Contact: Mr. Giovanni García Montero
Gerente de Control Financiero y Administrativo, Banco Mundo Mujer
Contact No.: +(572) 839 99 00
Email Address: Giovanni.email@example.com
ACCOUNTABILITY MECHANISM OF IFC
The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/