Summary of Anticipated Development Impacts
- Supporting Peru’s local economy by financing SMEs: access to financing remains a struggle to SMEs in Peru, a challenge which was further exacerbated by the COVID-19 pandemic. As the largest credit and savings cooperative in the country and with SMEs representing 88% of its total loan portfolio, COOPAC is well-placed to channel FinDev Canada’s funds to an estimated 140 or more SMEs, thus promoting access to finance for local economic recovery and growth.
- Supporting local jobs: SMEs play a major role in the Peruvian economy, particularly as they employ 89% of the country’s private sector workforce. Through this transaction, FinDev Canada’s funds will support COOPAC’s capacity to finance SMEs, which will in turn support an estimated 4,200 jobs in Peru.