IFC Mobilizes Four Banks to Finance Banco Daycoval and Support Female Entrepreneurship and Smaller Businesses in Brazil
IFC, a member of the World Bank Group, is leading a new tranche of financing to strengthen and expand Banco Daycoval's credit portfolio. Focused on female entrepreneurship and small and medium-sized enterprises (SMEs), mainly from underserved areas of Brazil, Banco Daycoval, one of the leading mid-sized Brazilian banks in the business credit market, will have access to an additional $151 million loan.
This second tranche will complement the initial line of $384 million, signed in April. The financing package consisted of $130 million from IFC's own-account and $254 million syndicated from a group of ten investors. For the second line, IFC added four new investors, being banks, a financial services company, and a fund: BNP Paribas, Sumitomo Mitsui Banking Corporation, Cargill Financial Services International, Inc, and BlueOrchard Microfinance. This tranche marks Cargill's and BlueOrchard's first participation in IFC's syndicated loan program in Brazil.