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The proposed project consists of an up to US$50 million subscription to a sustainability subordinated bond to be issued by Caja Municipal de Ahorro y Crédito Cusco S.A. (Caja Cusco or Company). Through this project, IFC will support the strengthening of the Company’ capital to support micro, small and medium enterprises (MSMEs) targeting: (i) climate-related; (ii) social; and (iii) biodiversity sub-projects that conserve, restore, and protect biodiversity and/or nature (the Project).
According to the IFC, Caja Cusco is the fourth-largest municipal savings and credit institution (CMAC) in Peru with a 15% market share of the CMAC system. As of December 2024, Caja Cusco had US$1.8 billion in total assets and US$197 million in shareholders equity. Caja Cusco serves 486,000 borrowers and almost 1 million depositors via 138 branches across the country. With a nationwide presence, the Company focuses on financing low-income individuals and communities and fostering sustainable agricultural development. A key part of its mission is empowering women entrepreneurs, who represent 51% of the loan portfolio. Caja Cusco is owned by the Municipality of Cusco.
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ACCOUNTABILITY MECHANISM OF IFC/MIGA
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