Relationship will make more financial services available to Salvadorans

April 19, 2010 (Washington, DC) Microfinance International Corporation (MFIC) has entered a strategic partnership with Fedecredito, the largest federation of credit associations and workers’ banks in El Salvador, to jointly serve Salvadoran transnational families.  The partnership will encompass a range of services to meet diverse financial needs of transnational families – remittance senders in the US and recipients in El Salvador. 

The two parties will first launch transnational mortgage loan program, which enables Salvadorans living in the US to finance their purchase of a house in El Salvador.  Clients are able to apply and repay the mortgage loan at Alante Financial, MFIC’s wholly owned retail financial service centres targeted to immigrants. 

“I am delighted to partner with Fedecredito, which shares the mission of fostering economic wellbeing of hard working people.  The partnership will enable us to offer more value-added and quality services to fellow Salvadorans,” said Atsumasa Tochisako, President and CEO of MFIC.

Macario Armando Rosa Rosales, President of Fedecredito stressed that "We have served Salvadoran people over 68 years.  The partnership with MFIC completes our service offerings, strengthens the relationship with Salvadorans abroad.  I n order to satisfy the needs of Salvadoran families and to fulfill our commitment to work with fellow Salvadorans living in the United States, we will try to expand the supply of credit products and facilitate access to credit on favorable terms with the support of MFIC.”

MFIC has offered transnational services to Salvadorans for over a year through the partnerships with microfinance institutions.  Transnational program is part of the Company’s effort to facilitate the productive use of remittances by linking them to other financial products such as saving accounts, micro-loans, mortgage loans or business loans, thereby dramatically improve the capacity of remittance senders and recipients. The partnership with Fedecredito will contribute to expanding the delivery of the service.

About FEDECREDITO SYSTEM