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IDB Invest increased financing to SMEs in Peru and Chile through an alliance with Primus

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IDB Invest, the private sector arm of the multilateral Inter-American Development Bank (IDB), reported this February 2 that it granted financing of 27 million dollars to Prime Capital to support its operations aimed at financing small and medium-sized enterprises (SMEs) from Peru Y chili.

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This entity finances sustainable companies and projects so that they achieve financial results that maximize economic, social and environmental development in the region.

The monetary support seeks to increase financing to Primus SME clients through factoring and financial leasing operations, to mitigate the effects of the COVID-19 pandemic, in addition to supporting their recovery.

Operation

The financial aid is made up of two tranches of US$10 million each, with a term of up to two years per period, which may be renewed, and an additional loan of seven million dollars mobilized with the Latin American Bank for Foreign Trade (Bladex ), for a period of up to one year.

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As part of the non-financial support, it is expected that under this operation IDB Invest will conclude a technical advisory service contract with Primus in order to carry out the implementation of its new climate and sustainable strategy, as well as identify activities and corporate tools that allow scale the Primus SME portfolio under the principles of climate and sustainable finance.

This operation is expected to contribute to two United Nations Sustainable Development Goals (SDGs): decent work and economic growth (SDG 8) and industry, innovation and infrastructure (SDG 9).

Participants

With a portfolio of $13.1 billion in assets under management and 385 clients in 25 countries, IDB Invest provides innovative financial solutions and advisory services that respond to the needs of its clients in a variety of sectors.

Meanwhile, Primus Capital was incorporated in January 2014 as a non-bank financial institution and, at the end of 2018, the entity was transformed into a public limited company and renamed Primus Capital SA (Primus).

Primus directs its activities to companies of various sizes that seek quick answers to their working capital needs, offering various financial solutions.

Its main activity is the discount of documents receivable from SMEs, added to working capital financing operations, which are complemented by financial leasing operations.

Until the end of 2021, Primus has more than 1,800 active clients and 196 employees, has five branches and a subsidiary in Peru, through which it has served more than 5,000 buyers.

Source: Larepublica

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