IFC lends US$175mn in 2011 for insurance, SMEs, housing, microfinance

The International Finance Corporation ( IFC) lent some US$175mn in development projects in the Caribbean in 2011, the highest amount ever to the region, through two large projects with insurance companies, the multilateral's head of financial markets in the Caribbean, James Smouse, told BNamericas. The two investments were with Trinidadian insurer Guardian Holdings for US$75mn and Sagicor, the leading insurance company in Barbados, for US$100mn. "This year there will be a decrease to US$75mn-80mn in commitments for development purposes in the financial sector with 5-6 smaller projects," said Smouse, referring to the 2012 investments the multilateral has planned for the region. The IFC executive said other areas of focus for 2012 include SME lending, housing and microfinance projects in Haiti - access to finance in the aftermath of the 2010 earthquake - as well as microfinance in the Dominican Republic and Jamaica, and Surname's recent incorporation into the IFC. To read the full interview with Smouse, see this week's Banking Perspectives, for subscribers only.