The International Finance Corporation, a member of the World Bank Group, and Wachovia Capital Markets have co-arranged the first international syndication for a microfinance institution in Latin America. The $40 million syndicated financing agreement will enable Peru’s Mibanco to offer longer loan maturities to its micro-enterprise clients and reach more customers in rural areas. Mibanco is Peru’s largest provider of microfinance loans by number of clients served and the second-largest by loan volume, with market share of about 14.2%.