BanBif was set up in 1991 and is part of the Spanish conglomerate Grupo Fierro which operates in several Latin American countries. BanBif is the fifth largest bank in Peru by the size of its balance sheet, with a longstanding focus on the segment of medium-sized and large companies. Its corporate clients account for a total of almost 70% of its outstanding loans.
BanBif and Proparco have been partners since 2010. This new credit line is the third joint operation.
Peru is one of the Latin American economies hardest hit by the Covid-19 crisis, in terms of both health and economically. The Peruvian Government has taken strong action to support the economy and population. In this context, BanBif has contributed to channeling resources towards the productive sector and has implemented measures to support its clients.
This new operation will contribute to supporting BanBif’s Peruvian corporate clients in the current situation.
This operation is expected to support over 23,000 jobs over the next 5 years and will thereby contribute to SDG 8 (Decent work and economic growth).
It is part of Proparco’s strategy to respond to the Covid-19 crisis in several respects: it will allow BanBif to strengthen its liquidity in case of need and will provide part of the resources required to support its corporate clients with a view to the recovery from the crisis.
This information is given at the time of signature, without prejudice to any developments in the operation/project