Originally published: March 20, 2008
Source: Inter-American Development Bank (IDB)
The Inter-American Development Bank’s Multilateral Investment Fund (MIF) has approved a US$1.75 million loan and a US$0.7 million technical cooperation grant to Chilean MFI Credicoop. The funding will help build a financial services coverage system for suburban and rural entrepreneurs in Chile, aiming to consolidate an operating model that can extend financial services to low-income groups and reduce transaction costs.
MIF team leader María Victoria Sáenz said, "The program will penetrate the microfinance market in areas with few financial services through microagencies embedded in local development networks. The direct beneficiaries will be 16,000 new microentrepreneurs who will become members of Credicoop over three years, gaining access to specialized financial services through savings and loan products designed for their needs."
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