Bogota, Colombia, May 6, 2020 — IFC, a member of the World Bank Group, has provided a $100 million loan to Banco Davivienda, boosting the bank’s ability to increase its lending for low-income housing, women-owned small and medium enterprises (SMEs), and sustainable agribusiness projects in Colombia.
The loan will expand Davivienda’s ability to support Colombia’s economy, which has been impacted by the Covid-19 pandemic.
The financing package consists of IFC’s own resources; a syndicated loan provided by the eco.business Fund, an impact fund focused on the conservation of biodiversity and the mitigation of climate change; and a loan through IFC’s Managed Co-Lending Portfolio Program (MCPP), a platform that allows institutional investors the opportunity to passively participate in IFC’s loan portfolio.
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Elizabeth Martínez de Marcano, IFC Manager for the Andean Region, said: “IFC’s financing to Davivienda is a clear sign of our commitment to supporting low-income households, especially women who struggle daily to keep afloat, and to Colombian micro, small and medium-sized companies, which require more help today than ever in the face of the crisis caused by COVID-19. ”
Efraín Forero, President of Banco Davivienda, stated: “This operation is part of our strategy of providing constant support for SMEs, which has been reinforced in recent days with other actions to support our clients in this health crisis caused by the COVID-19 pandemic.”
Banco Davivienda is owned by Grupo Bolivar. In 1973, IFC made its first investment in Grupo Bolívar, the parent company of Davivienda and one of the main financial groups in Colombia. Since then, IFC has provided lines of credit and equity investments to the bank.
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