Identifier
Created
Classification
Origin
09MONTEVIDEO554
2009-09-25 11:02:00
UNCLASSIFIED
Embassy Montevideo
Cable title:
INITIAL REVIEW OF MICROFIN URUGUAY FOR PROPOSED OPIC
how-toVZCZCXYZ0023 RR RUEHWEB DE RUEHMN #0554 2681102 ZNR UUUUU ZZH R 251102Z SEP 09 FM AMEMBASSY MONTEVIDEO TO SECSTATE WASHDC 9373
UNCLAS MONTEVIDEO 000554
DEPT FOR OPIC - RGREENBERG
SIPDIS
E.O. 12958: N/A
TAGS: EINV UY
SUBJECT: INITIAL REVIEW OF MICROFIN URUGUAY FOR PROPOSED OPIC
FINANCING
REF: State 96859
UNCLAS MONTEVIDEO 000554
DEPT FOR OPIC - RGREENBERG
SIPDIS
E.O. 12958: N/A
TAGS: EINV UY
SUBJECT: INITIAL REVIEW OF MICROFIN URUGUAY FOR PROPOSED OPIC
FINANCING
REF: State 96859
1. In response to reftel, emboffs spoke with Microfin Uruguay's
General Manager, Antonio Martinez (CPA).
Micofin Uruguay Shareholders include:
-- ACP Peru (Mi Banco) http://www.grupoacp.com.pe/
-- Corporacion Andina de Fomento since February 2009
-- FOMIN/IDB (not official yet, to be signed in October 2009)
2. Microfin Uruguay has also been working with the World Bank and
wants to investigate other USG-connected funding sources. Martinez
is travelling to Peru next week and said that he is going to check
with U.S. Embassy Lima since ACP has good connections there. At an
event in Lima next week, Microfin UY will be given an award for the
best micro financing bank of 2009, according to Martinez.
3. The company started business in March 2008. It provides cash
credit with and without collateral for urban and rural clients - for
business as well as for improving quality of life. It has
approximately 1,000 clients who utilize 30-day cash credits. Total
current lending is around USD 1.8 million, or about USD 1,800 per
client. Martinez reported a seven percent default rate.
4. An Embassy check with the local better business bureau
equivalent discovered that Microfin Uruguay began originally with a
different name -- Sierra de Luna S.A -- in September 2007 and
changed to Microfin Uruguay in September 2008.
5. Microfin's website can be accessed via
http://www.microfin.com.uy/
DEPT FOR OPIC - RGREENBERG
SIPDIS
E.O. 12958: N/A
TAGS: EINV UY
SUBJECT: INITIAL REVIEW OF MICROFIN URUGUAY FOR PROPOSED OPIC
FINANCING
REF: State 96859
1. In response to reftel, emboffs spoke with Microfin Uruguay's
General Manager, Antonio Martinez (CPA).
Micofin Uruguay Shareholders include:
-- ACP Peru (Mi Banco) http://www.grupoacp.com.pe/
-- Corporacion Andina de Fomento since February 2009
-- FOMIN/IDB (not official yet, to be signed in October 2009)
2. Microfin Uruguay has also been working with the World Bank and
wants to investigate other USG-connected funding sources. Martinez
is travelling to Peru next week and said that he is going to check
with U.S. Embassy Lima since ACP has good connections there. At an
event in Lima next week, Microfin UY will be given an award for the
best micro financing bank of 2009, according to Martinez.
3. The company started business in March 2008. It provides cash
credit with and without collateral for urban and rural clients - for
business as well as for improving quality of life. It has
approximately 1,000 clients who utilize 30-day cash credits. Total
current lending is around USD 1.8 million, or about USD 1,800 per
client. Martinez reported a seven percent default rate.
4. An Embassy check with the local better business bureau
equivalent discovered that Microfin Uruguay began originally with a
different name -- Sierra de Luna S.A -- in September 2007 and
changed to Microfin Uruguay in September 2008.
5. Microfin's website can be accessed via
http://www.microfin.com.uy/