Microentrepreneurs in Colombia will have improved access to finance, including women-led enterprises, with IFC providing COP 120bn (about $30 million) to Banco Mundo Mujer (BMM), the country's largest private microfinance bank. The aim is to close the micro, small, and medium enterprise (MSME) finance gap, fostering employment and economic growth in Colombia.
IFC's funding will allow BMM to support largely informal microentrepreneurs—60 percent of which are women and 46 percent earn less than COP 3m ($630) per month—and continue to promote lending to the country's underserved segments.
