Montreal, March 20, 2023 – FinDev Canada and 2X Canada extended a US$16.5 million financing to Cooprogreso, to support women microentrepreneurs in Ecuador. FinDev Canada invested US$10 million and 2X Canada invested US$6.5 million.
Ecuador is one of the poorest countries in Latin America with more than a third of its population living in rural areas. Cooprogreso, as the fifth largest financial cooperative in the country, plays an important role in advancing financial inclusion by providing access to financial services for low-income customers. For the past 53 years, its purpose has been to support the progress of millions of Ecuadorian families.
The financing will provide a meaningful contribution towards the Cooperative’s growth plan, including its expansion across Ecuador. One hundred per cent of the funds will go to women, with at least fifty per cent specifically directed towards women working in the agriculture sector.
“This transaction is an important milestone to continue the partnership with FinDev Canada, a key supporter of the cooperative system in Ecuador, for the benefit of women in the agricultural sector, their families and their communities.” Said Henry Hernandez, CEO of Cooprogreso.
“This transaction is well aligned with FinDev Canada’s investment priorities, particularly food security and access to finance for women” said Lori Kerr, CEO of FinDev Canada. “We are excited to provide additional support to Cooprogreso as it creates more opportunities for women, and specifically women in the agriculture sector.”
In 2019 FinDev Canada provided Cooprogreso with its first loan of US$7.5 million, which helped target segments of the population with limited or no access to finance, contributing to support and grow small businesses.
This is the third transaction that FinDev Canada makes under the 2X Canada: Inclusive Economic Recovery, a facility implemented by FinDev Canada and funded by Global Affairs Canada.
About FinDev Canada
FinDev Canada is Canada's development finance institution dedicated to supporting sustainable and inclusive private sector growth and investment in emerging and developing markets to advance women's economic empowerment, climate action and local market development. FinDev Canada is a subsidiary of Export Development Canada (EDC). More information about FinDev Canada is available at www.findevcanada.ca.
About 2X Canada: Inclusive Economic Recovery
2X Canada is a CAD 75.9-million blended finance facility implemented by FinDev Canada and funded by the Government of Canada through Global Affairs Canada. It aims to enhance the resilience and socioeconomic well-being of low-income, underserved, and marginalized populations, particularly women and girls. The facility adopts a whole-of-Canada approach to help address COVID-19 economic recovery in ODA-eligible countries, to support investments that drive positive impact on women’s economic empowerment in Latin America and the Caribbean.
About Global Affairs Canada
Global Affairs Canada is a federal department of the Government of Canada that works to define, shape and advance Canada’s interests and values in a complex global environment. The department manages diplomatic relations, promotes international trade, and provides consular support. It leads international development, humanitarian, and peace and security assistance efforts. It also contributes to national security and the development of international law.
Cooprogreso, the fifth largest financial cooperative in Ecuador, was founded in 1969 by 32 local entrepreneurs whose mission is to serve the underbanked. Cooprogreso has built a gender-balanced customer base of microentrepreneurs and smallholder farmers providing access to financial services for low-income customers.
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