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IFC and Itaú Unibanco close partnership to invest $470 million to finance Women Enterpreneurs in Brazil


In Washington, D.C.:
John McNally, IFC
Phone: +1 202 458-0723
E-mail: JMcnally@ifc.org

In Sao Paulo :
Patricia Carvalho, IFC
Phone : 55 11 5185-6873
E-mail : PCarvalho@ifc.org

In Sao Paulo :
Matheus Fierro, Itaú Unibanco
Telefone. 55 11 2794-6933
E-mail : matheus.barreiro@itau-unibanco.com.br
imprensa@itau-unibanco.com.br

Washington, D.C., June 4, 2013—IFC, a member of the World Bank Group   announced today an IFC investment in Itau Unibanco of $470 million, about 1 billion Brazilian reais, to expand access to finance for women-owned businesses throughout Brazil.

This is the first investment of IFC’s Banking on Women program in Latin America and the largest worldwide. It will help promote inclusive growth and job creation, as well as additional developmental benefits that come through improved credit access to women, such as access to quality education, health and housing.

IFC’s investment consists of a $100 million loan and a $370 million syndicated loan. The syndicated loan participants include Bank of America, Bank of Tokyo Mitsubishi, National Bank of Abu Dhabi and the Development Bank of Japan.  

More than 40 percent of businesses registered in Latin America and the Caribbean are owned by women, according to the World Bank-IFC Enterprise survey. However, the credit gap for women-owned enterprises remains high throughout the region. Brazil is the country with the largest gap, where 45 percent of women-owned SMEs identify access to finance as a major constraint in operating and growing their businesses.   In addition to financing, IFC intends to provide advisory services to help Itau Unibanco develop financial products that will address the needs of women-owned small and medium enterprises (SMEs).

“Gender equality is at the center of the development agenda in Brazil, and expanding access to finance for women-owned SMEs, is a critical part of IFCs strategy to expand opportunities and inclusion in the country,” said IFC CEO and EVP, Jin-Yong Cai. “This partnership will bring IFC’s successful Banking on Women program to Latin American.”

“We very much welcome IFC’s partnership and support to help Itaú Unibanco expand its women owned SMEs base while providing additional long-term capital from important partner financial institutions”, said Cândido Bracher, Itaú BBA CEO.

“Women behave, think and act differently than men so there is a need to consider new ways to serve this important sector”, said Andrea Pinotti, Director at Itaú Unibanco. “This transaction with IFC is another important step to consolidate Itau Unibanco’s project in providing more access to women entrepreneurs”,  Pinotti added.    

IFC’s financing for Itau Unibanco within the Banking on Women Program is part of  the World Bank Group’s approach to support  Government policies and priorities in Brazil aimed at reducing gender gaps in access to quality health and education services, closing differences in economic opportunities between women and men, and enhancing women's voice in society.

IFC’s Banking on Women program is playing a catalytic role in helping financial institutions to serve women entrepreneurs in a sustainable and profitable. Since its launch in 2010 it has made 20 investments totaling $165 million in Eastern Europe, Africa and Asia.  


About IFC

IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, mobilizing capital in international financial markets, and providing advisory services to businesses and governments. In FY12, our investments reached an all-time high of more than $20 billion, leveraging the power of the private sector to create jobs, spark innovation, and tackle the world’s most pressing development challenges. For more information, visit www.ifc.org.

About Itau Unibanco
Itaú Unibanco is one of the largest banks in the world by  market value. With more than 95 thousand collaborators around the globe, Itaú Unibanco has a network of over 33 thousand units in Brazil and abroad. The Bank has a strong focus in micro, small and medium companies, with a credit portfolio of around BRL 90 billion in Brazil.