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IDB Invest promotes financial inclusion and digital transformation in Chile through Caja Los Héroes

IDB Invest, a member of the IDB Group, has provided a $50 million loan to Caja de Compensación de Asignación Familiar Los Héroes (Caja Los Héroes), with a tenor of six years. This financing will allow Caja Los Héroes to deepen and expand its financial inclusion and digital transformation program.

The program is aimed at senior citizens (known as the Silver Economy), as well as the unbanked population, including low-income populations and immigrants. Both groups are financially underserved, but are increasingly relevant to the region's economy. As part of the program, the platform will offer access to debit cards and virtual accounts.

IDB Invest will work with Caja Los Héroes to develop a digital financial education program focused on the Silver Economy. The rapid learning of the platform and its proper use will be promoted, thus allowing access to the financial services it offers. In addition, IDB Invest will accompany Caja Los Héroes with technical support in the area of ​​gender equality, supporting them to implement the Gender Parity Initiative (IPG, for its acronym in Spanish) in its affiliated companies. Finally, an evaluation of the impact of the credit to the beneficiaries will also be carried out.

This deal potentially contributes to three United Nations Sustainable Development Goals (SDGs): No Poverty (SDG 1), Decent Work and Economic Growth (SDG 8), Redued Inequalities (SDG 10).

With this deal, IDB Invest seeks to support the Silver Economy in Chile, which is particularly relevant given the impact generated by COVID-19, by improving access to financing for this segment of the population and covering its health and medical expenses.

About IDB Invest

IDB Invest, a member of the IDB Group, is a multilateral development bank committed to promoting the economic development of its member countries in Latin America and the Caribbean through the private sector. IDB Invest finances sustainable companies and projects to achieve financial results and maximize economic, social and environmental development in the region. With a portfolio of $12.1 billion in asset management and 333 clients in 24 countries, IDB Invest provides innovative financial solutions and advisory services that meet the needs of its clients in a variety of industries.

About Caja Los Héroes

Caja de Compensación de Asignación Familiar Los Héroes (Caja Los Héroes) is the third largest fund in Chile with more than a million affiliated people. It has a strong focus on low-income workers through affiliated companies in the small and medium enterprises segment. It is a leading fund in serving pensioners, which comprise 45 percent of all affiliates. Through its network of 178 branches and nearly 1,350 mobile points, Caja Los Héroes reaches all regions of the country, providing benefits in the most remote locations, which other financial actors and social service providers do not reach. The entity is currently the largest social benefits payment organization, with more than 20 million transactions per year thanks to its contract with the Social Security Institute for the payment of state benefits.