Lima, Peru, September 23 rd 2020. The International Finance Corporation (IFC), member of the World Bank Group, and Compass Group have announced an alliance to channel working capital to hundreds of Peruvian companies, primarily micro and small enterprises (SMEs), from multiple economic sectors which have been severely impacted by the economic crisis generated by the COVID – 19 pandemic.
The alliance is materialized in IFC’s investment commitment for up to US$21 million to be invested in one of the funds managed by Compass Group SAFI, “Compass – Fondo de Inversión Adelanto de Efectivo”, which translates itself as a cash advance investment fund. Moreover, both parties have agreed to stablish a technical support program for the implementation of important enhancements for ESG investments, which is estimated to generate a relevant impact for Peruvian enterprises and communities.
Ivy Figueroa, Senior Investment Officer for IFC, states: “IFC is committed to support Peruvian SMEs in the reactivation process much needed after the pandemic, which has caused negative impacts to the economy and the companies. We are honored to collaborate with Compass Group in the achievement of this goal, given their experience and in-depth knowledge of the enterprise reality across the continent, and specifically in Peru”.
Furthermore, Jorge Díaz Echeverría, Compass Group SAFI’s General Manager declares: “This alliance complements the endeavors which authorities have been displaying to support Peruvian enterprises’ funding needs. We are placing all of our efforts to continue with the investment in receivables and promptly channel working capital to hundreds of Peruvian enterprises who are now confronting the grave crisis caused by COVID – 19.
The lack of access to financial services that Peruvian SMEs face represents a key obstacle for their growth. IFC works towards developing solutions that close the funding gap by associating with several financial intermediaries, including microfinance institutions, commercial banks and financial leasing companies. In this way, IFC reaches much more SMEs as it could by doing it directly. For more information please go to: www.cgcompass.com
About Compass Group:
Compass Group is one of the main independent investment advisors in Latin America with more than 25 years of experience. It currently has 10 offices throughout the region and more than US$38 billion through their management, advising, and distribution operations.
About IFC
IFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2020, we invested $22 billion in private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org
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