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Supporting Peruvian SMEs affected by the Covid-19 crisis
Project
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Signature date
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Location
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Peru
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Financing tool
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Financing amount (Euro)
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17197689
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Financing details
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USD 20m loan
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Customer
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COOPERATIVA PACIFICO
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Type of customer
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Financial institution
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Country of headquarters
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Peru
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Project number
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PPE1028
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Environmental and social ranking
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IF-B
This information is given at the time of signature, without prejudice to any developments in the operation/project.
Proparco has allocated a new loan to Cooperativa Pacifico (COOPAC), the leading savings and credit cooperative in the country, to support SMEs, employment and climate projects.
Client presentation
Cooperativa Pacifico (COOPAC) is today the leading savings and credit cooperative in Peru and one of the main cooperatives in Latin America.
Founded in 1970, Cooperativa Pacifico has experienced sustained growth in recent years, by offering its clients innovative financing solutions and investing in the digital transformation. Cooperativa Pacifico and PROPARCO have been partners since the signing of a first USD 10m senior credit line in November 2016.
Project description
This new partnership with the leading cooperative in Peru involves a USD 12m senior credit line subscribed in July 2021 and a USD 8m subordinated credit line qualifying as Tier 2 capital.
Project impact
Peru is one of the Latin American economies hardest hit by the Covid-19 crisis, both in terms of health and on the economic front. The country’s authorities have been fully mobilized to support the economy and the population, with programs targeting Peruvian microenterprises and SMEs. Through its position and vocation to support entrepreneurs in the country, Cooperativa Pacifico has contributed to channeling its resources and has set up support measures for its clients. This new operation will:
- Support 975 MSMEs, 4 corporates and some 500 taxi drivers
- Support 27,500 indirect jobs at COOPAC’s clients over the next 5 years
- Improve air quality (reduction in particulate and NOx emissions) through the USD 4.8m of financing earmarked to convert diesel vehicles to compressed natural gas.