The financing consists of an A/B subordinated loan for up to US$20 million to Cooperativa de Ahorro y Crédito Pacífico (“Pacífico”) with a tenor of up to 6.5 years with repayment in a single bullet repayment at maturity. The A/B loan is expected to be comprised as follows: (i) an IDB Invest subordinated A Loan of up to US$5 million (ii) and IDB Invest B Loan of up to US$15 million to be funded by one or more participants. The purpose of this financing is to strengthen Pacifico’s capital base and support its growth strategy in micro and small enterprises and social housing.
Pacífico is a credit union founded in Lima, Peru, on August 28, 1970. Its objective is to promote the economic and social development of its members and the community at large, through self-help and mutual aid, by fostering cooperative education, the principles and values of cooperative enterprise, and social inclusion. Pacífico was founded with contributions from members of the Japanese community in Peru, and during its early years offered financial services primarily to the country’s Nikkei populations. It is now open to any Peruvian citizen.