DID recently disbursed a US$1.5M subordinated loan with a six-year term to Abaco Savings and Credit Cooperative in Peru. This financing, which was provided by the Desjardins Fund for Inclusive Finance L.P., will help Abaco continue to grow and develop as well as comply with new capitalization requirements being adopted by local financial authorities.
Ranked among Peru’s most solid institutions, Abaco is the second-largest financial cooperative in the country, with assets of more than C$600M. In addition to offering secure and inclusive financial services to its members, it plays a key role in Peru’s cooperative sector by supporting smaller cooperatives. It also provides governance leadership for other cooperatives.
Abaco Savings and Credit Cooperative operates three service outlets in Lima, including its head office. It boasts nearly 20,000 members, 6,500 of whom are active borrowers.