Financiera Finexpar
BIO has granted USD 18.000 of technical assistance to Financiera Finexpar, a financial institution in Paraguay
Amount
$ 17,940.00
Type of investment
Subsidy
Beneficiary locations
Investment field
Financial Institutions
Activity
Finexpar is the largest Financial Institution (Financiera) in Paraguay with a solid growth in the past years and with a focus on providing financing to SMEs along the country. The institution has requested approval from the Central Bank (BCP) to convert into a full commercial bank with the purpose to be able to offer all banking products that as a Financiera it is not allowed to do.
The main economic activities in the portfolio are the agricultural crops' production (18.8%), followed by commercial activities (12.6%), animal breeding (10.3%), retail activities (9.2%) and manufacturing industries (7.1%). Finexpar has 16 branches, 4 of them located in the Capital Region, while the rest are located in the Centre and South regions of the country. Finexpar’s medium term strategy is to become a specialized SME bank, with a focus on the customer support, providing them efficient services and products according to their needs.
Technical assistance
The objective of the TA is to support Finexpar in updating its E&S policy, risk and Management System (ESMS) to align them to BIO, EDFI and IFC standards.
Expected impact
The TA will allow Finexpar to achieve compliance with the sector's international E&S and HR standards, reinforce its risk management approach towards E&S Due Diligence and overall E&S processes and procedures, and increase its internal knowledge on the subject. This will enable the FI to overall strengthen its social and environmental performance, specifically with respect to its SME clients, in addition to becoming an example of sectoral best practice in the country, which will also increase its reputation across stakeholders, customers and investors.
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