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IFC grants $55M loan to Banco Pichincha to support women entrepreneurs

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IFC grants $55M loan to Banco Pichincha to support women entrepreneurs

World Bank Grouparm International Finance Corp.granted a $55 million loan to BancoPichincha CA to aid in the bank's lending for women-owned small andmedium enterprises.

The loan consistsof $20 million from IFC and $15 million from the Women Entrepreneurs Debt Fund,a private investment fund managed by IFC Asset Management Co., according to a July14 statement. An additional $20 million was invested by Finance in Motion, a Germaninvestment company.

Banco Pichinchawill use the new financing to raise its loans to SMEs in Ecuador by about 50% amida recovery from an Aprilearthquake. "The bank expects to expand its reach in the next three years byabout 2,500 women-owned SMEs with the new resources," the IFC said.