news - FMO supports reduction of air pollution in Lima (Peru) with CNG vehicle financing for Acceso

FMO is proud to announce we have closed a USD 27 mln syndicated A/B loan with existing client Edpyme Acceso Crediticio ("Acceso”) in Peru. The loan, which is denominated in local currency, will help Acceso to continue to grow its portfolio of compressed natural gas (“CNG”) vehicle financing for taxi drivers and small and medium sized enterprises (SMEs). The World Health Organisation ranks Lima as one of the worst large cities in Latin America in terms of air quality. Acceso’s financing of CNG vehicles supports the reduction of air pollution in the country and in doing so, builds on a government program to promote the use of nationally sourced natural gas.

FMO is the lead arranger and lender of record; Dutch impact investor Oikocredit (Ecumenical Development Cooperative Society U.A.) participated in the B-tranche with USD 6 million. Frouke Hoekstra, FMO's Manager of Financial Institutions - Latin America: "We have been a proud partner of Acceso since 2015. The company plays an important role in financial inclusion as many of its clients do not have access to the traditional banking system. Our investment in Acceso’s CNG vehicles supports both our ambition to reduce inequality by providing access to finance and to take climate action with green finance. We are pleased to partner with Oikocredit through a local currency syndicated transaction."

Jose Luis Hidalgo, CEO of Acceso Crediticio: “We are pleased to have worked with FMO as lead arranger on this transaction. This deal marks a historic milestone for Acceso as it represents the first syndicated loan that we have closed. It reflects the increasing confidence of our lenders. This syndicated facility of USD 27 MM allows us to continue with our strategy of financial inclusion and green finance promotion.”

About Acceso

Acceso is a regulated non-banking financial institution (NBFI) specialized in sustainable and efficient transport financing for taxi drivers (40% of portfolio) and SMEs in Peru, which are typically underserved by the traditional banking sector. The NBFI's mission is to improve the quality of life of its customers through access to affordable vehicle financing, and customized financial products and services with a strong commitment to social and environmental sustainability (CNG vehicles). By YE18, Acceso had reached USD206 mln in total loan portfolio, ranking #2 among regulated vehicle financiers with a 16.8% market share. For more information, visit https://acceso.com.pe/