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Proparco is supporting Peruvian microentrepreneurs
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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7000000
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Financing details
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Loans of about PEN 26m
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Customer
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Edpyme Acceso Crediticio S.A.
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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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PPE1027
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Environmental and social ranking
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B
This information is given at the time of signature, without prejudice to any developments in the operation/project.
In Peru, Proparco is supporting Acceso Crediticio (AC), a financial institution that works for financial inclusion, as most of its clients are unbanked and microentrepreneurs. Thanks to Proparco’s loan, over 2,000 indirect jobs will be supported over the next 5 years in local SMEs and microenterprises and some 650 direct jobs will be created and/or maintained by AC from now until 2022. In addition, in mid-2019, 51% of the staff were women.
Client presentation
Acceso Crediticio (AC) is a regulated and non-banking financial institution specialized in vehicle financing, mainly in the taxi segment but, since 2016, also in the segments of commercial vehicles and public transport fleets. Financial inclusion has been an objective of AC since it was set up, with most of its clients being unbanked and microentrepreneurs. In mid-2019, AC managed a portfolio of EUR 218m and was the 2nd largest player in terms of market share in this segment.
Project description
Senior debt financing equivalent to USD 25-30m (FMO lead arranger) in local currency (PEN) to finance vehicles that run on or will run on CNG.
Project impact
The expected impacts of the project to finance Acceso Crediticio (“AC”) are as follows:
- In terms of employment, over 2,000 indirect jobs will be supported in local SMEs and microenterprises over the next 5 years. In addition, some 650 direct jobs will be created and/or maintained by AC from now until 2022. It can also be noted that in mid-2019, 51% of the staff were women.
- In terms of the environment, this project should have a positive impact (but which is difficult to measure) on air quality and the living conditions of the people concerned, as compressed natural gas (CNG) vehicles are considered to be less polluting in terms of fine particles and NOx (NOx are other air pollutants and have become the main cause of acid rain) than conventional diesel and gasoline vehicles.