- Region: Latin America
- Country: El Salvador
- Sector: Microfinance
- Year: 2016
- Domicile: El Salvador
- Instrument: Loan
- Commitment (MNOK) as of 22.12.2017: 79.7
- Original Commitment (MNOK): 87.2
Fedecredito is a cooperative bank owned by 48 Salvadorean credit unions and 7 workers’ banks located throughout the country. These entities are cooperative MFIs and mobilize savings from 950,000+ individual member-owners primarily in rural areas. Norfund’s loan will promote access to capital to micro enterprises in a market in which access to capital is not easy to come by since most of the financial sector is managed by foreign multinational corporations.
Fedecredito (FDC) is a cooperative bank owned by 48 Salvadoran credit unions and 7 workers’ banks located throughout the country. These entities are cooperative Microfinance Institutions (MFIs) to which FDC profitably provides financing and other financial services/products. As of June 2016, FDC had USD 354 million in assets and USD 278 million in loans to member MFIs. The member MFIs mobilize financial services to more than 950,000 individuals.