COFIDE – a mixed ownership corporation in which capital stock is held by the Peruvian State (98.70 per cent) and the Andean Development Corporation – CAF- (1.30 per cent) – was created in 1971. Since 1992 it has been acting as a second tier bank. COFIDE has also become the Peruvian Development Bank by fostering investment in infrastructure projects and promoting the active inclusion of micro, small and medium-sized enterprises in the financial market. COFIDE also acts as trust entity by managing different trusts and funds and is rated “A” by top local rating agencies.
As a multi-sectorial bank, COFIDE specializes in the financing of productive investment and infrastructure projects, the small and medium enterprise (MYPE) sector and sustainable development projects.
COFIDE aims to become a leader in sustainable development financing and is developing strategic alliances with different local and overseas institutions, in order to assure the success of a new product called the “Green Projects Financing Programme”, designed to finance renewable energy projects , programmes for natural gas conversion, rainforest preservation, solid waste recycling, wastewater treatment, among others.
A successful program that symbolizes COFIDE’S participation in environmental issues is the natural gas conversion financing. 80,000 vehicles has changed from gasoline to natural gas. As programs for conversion to natural gas increases, the number of financial intermediaries channeling funds for this purpose has grown significantly. Likewise, natural gas centers, equipment suppliers, conversion workshops and certifying companies were financed under this program.