Skip to navigation Skip to main content Skip to site map


Project Brief

Summaries of proposed guarantees are provided prior to Board consideration and before final contract signing, and they are therefore subject to change. Project briefs are disclosed after Board consideration and contract signing and reflect the terms of the project at the time of contract signature. Environmental and Social Review Summaries are provided for projects assigned an Environmental Assessment Category of A or B.


Project name
Financiera Universal, S.A
Project ID
Fiscal year
Not Active
Guarantee holder
Orca Credit Holding LLC
Banco Universal S.A
Investor country
United States
Host country
Environmental category
Date SPG disclosed
March 18, 2010
Project Board date
March 31, 2010
Gross exposure
 $18.0 million
Project type

View Summary of Proposed Guarantee

Project Description

MIGA has issued $18 million in guarantees to Banco Universal S.A. (UniBanco), of Ecuador (UBE) and Orca Credit Holding LLC, of the United States (Orca)—affiliates of Grupo Morisaenz-Ribadeneira (GMR) of Ecuador—covering their $20 million joint equity investment in Financiera Universal S.A. (FINU) in Peru. The guarantees are providing risk coverage against transfer restriction and expropriation for a period of up to ten years

FINU will act as a microcredit subsidiary of UBE in Peru. Its main focus will be providing income-generating microenterprise loans, with an average size of $1700. If operations are successful after two years, then FINU will seek approval in 2012 for a banking license and expand its operations to function as a deposit-taking bank. FINU is expected to employ about 300 people and open sales points outside big cities across the country. Its projected cumulative net income is approximately $15 million for the next five years.

MIGA’s guarantee will play an important role in facilitating long-term cross-border flows from UBE into its new subsidiary in Peru focusing on micro and consumer credit. FINU’s lending operations are overwhelmingly targeted to the poorest sections of society.

One of the main objectives of the World Bank Group’s Country Partnership Strategy for Peru for 2007-2011 is accelerating the private sector-led growth and supporting the government’s efforts in fostering the sound development of domestic financial markets.

This project is fully consistent with this objective. MIGA’s participation in the project is also aligned with key agency priorities, which include encouraging South-South investments.

The World Bank Group logo