IDB Invest, a member of the Inter-American Development Bank (IDB) Group, will issue a loan in dollars for an equivalent amount of up to $10 million with a term of five years to Cooperativa de Ahorro y Crédito Pacífico (Pacífico), the largest cooperative in Peru.

The financing helps to increase financing available to micro, small and medium-sized enterprises (MSME) in Peru, by supporting the Pacífico growth strategy, and generating positive economic benefits for this business segment.

MSME are responsible for almost 90 percent of employment in the country and it is estimated that they contribute 47 percent of the Gross Domestic Product (GDP). Pacífico is the first savings and credit cooperative in the country and directs more than 85 percent of its loans to this business segment.

The deal includes a technical assistance from IDB Invest to strengthen the capacity for origination, structuring and placement of green loans by Pacífico. In addition, Pacífico is committed to developing a plan for the development and implementation of an environmental and social management system and to improve its corporate governance practices.

About IDB Invest
IDB Invest, a member of the Inter-American Development Bank (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 enterprises and projects to achieve financial results that maximize economic, social and environmental development for the region. With a portfolio of assets of $12.1 billion under management and 329 clients in 21 countries, IDB Invest works across sectors to provide innovative financial solutions and advisory services that meet the needs of its clients.

About Cooperativa Ahorro y Crédito Pacífico
Cooperativa de Ahorro y Crédito Pacífico, founded in 1970 by children of Japanese immigrants, with the aim of being the best alternative for savings and credit. With 48 years of experience and more than 45,000 active members, Cooperativa Pacífico is positioned as the first Cooperative on a national level and number 12 in Latin America, according to the DGRV ranking. Cooperativa Pacífico is dedicated to accompanying its partners in achieving their dreams and projects of a personal and business nature seeking to provide innovative services with high social and environmental sense.