The investment will directly support IFC priorities in Paraguay, fostering private investment and competition; encouraging economic formalization through financial resources for local businesses; and directing capital toward solutions that drive gender equality.

The loan will increase access to finance for small and medium enterprises (SMEs) in Paraguay, which in turn will have a positive impact on job creation and the economic recovery from the effects caused by the COVID-19 pandemic and climate change.

Through a network of 23 branches and 63 active agents across the country, FINCA Malawi serves more than 70,000 clients offering individual and group loans, savings and insurance products specifically designed for low-income entrepreneurs.

The collaboration enables UNFCU members to transfer money to mobile wallets in select countries in local currencies.