Funding to Support Pro Mujer’s Expansion Efforts in Bolivia
December 13, 2010 - Grameen Foundation today announced it has facilitated $5 million in financing for Pro Mujer, a leading Latin American women’s development and microfinance organization, through its Growth Guarantees program. The funding, which was supported by three separate loan guarantee deals totaling $1.6 million with Banco Nacional de Bolivia, Banco de Credito de Bolivia and Banco BISA Bolivia, will help expand Pro Mujer’s services to more rural and marginalized communities in Bolivia.
The Growth Guarantees program helps fast-growing microfinance institutions get financing from local funding sources in their local currencies.
Pro Mujer, which also operates in Argentina, Mexico, Nicaragua and Peru, provides women with an integrated package of services that includes microfinance, business and empowerment training and primary healthcare. These services are delivered through communal banks or peers groups, which are comprised of and led by 20-30 women, at Pro Mujer neighborhood centers.
“Pro Mujer’s work is one of the best examples of how the integration of value-added services such as access to health, business development and credit can effectively lift people out of poverty,” said Alberto Solano, Grameen Foundation’s regional CEO for Latin America and the Caribbean. “We are pleased to help them expand their work into Bolivia’s rural and semi-urban areas where the need is greatest.” Grameen Foundation has been working with Pro Mujer since 2002.
Eduardo Gutierrez, Chief Financial Officer for Pro Mujer in Bolivia added, “This initiative will help us further strengthen our loan portfolio and secure additional financing from investors. As Pro Mujer continues its steady and strategic growth to reach more impoverished women throughout Latin America, Grameen Foundation’s support will be valuable to our efforts in Bolivia.”
Currently, Pro Mujer serves more than 200,000 women across Latin America including 90,000 in Bolivia through its neighborhood centers dispersed throughout the country. In addition to providing primary healthcare in its centers, Pro Mujer in Bolivia also has agreements with local hospitals and clinics to offer reduced-rate services to clients seeking additional medical attention.
About Grameen Foundation
Grameen Foundation, a global nonprofit organization, helps the world's poorest people lift themselves out of poverty by providing financing, technology support and management strategies to the local organizations that serve them. It also spearheads technology initiatives that create new microbusiness opportunities for the poor and improve the poor's access to health, agricultural and financial information and other services. Founded in 1997, Grameen Foundation has offices in Washington, DC; Seattle, WA; Colombia; Ghana; Hong Kong; the Philippines; and Uganda. Microfinance pioneer Dr. Muhammad Yunus, founder of Grameen Bank and winner of the 2006 Nobel Peace Prize, is a founding member of its Board of Directors, and now serves as director emeritus. For more information, please visit grameenfoundation.org.
About Pro Mujer
Pro Mujer is a women’s development and microfinance organization that provides poor women in Latin America with an integrated package of financial services, healthcare, and training to lift themselves and their families out of poverty. Pro Mujer delivers these services through communal banks, or peer groups, of 10-30 women who support each other and guarantee each other’s loans. With small loans, healthcare, and training, along with group support, women are empowered to become agents of change in their families and communities.
Established in 1990, Pro Mujer has a presence in Argentina, Bolivia, Mexico, Nicaragua and Peru. In the last 20 years, Pro Mujer has disbursed more than US$885 million in small loans, and provided healthcare and training to more than 1 million women and their 5 million children and family members. Pro Mujer is a 501(c)(3) tax-exempt organization. For more information, please visit, www.promujer.org.