IFC Provides Financing for $200 Million to Banco BICE to Expand Mortgages for Women in Chile

The International Finance Corporation (IFC), a member of the World Bank Group (WBG) announced the signing of a loan of $200 million to Banco BICE to finance housing loans, with a focus on housing loans for women. The loan will have a five-year tenor and a three-year grace period, helping Banco BICE increase and diversify its long-term financing to support the housing portfolio growth.

According to gender-disaggregated data published by the Comisión para el Mercado Financiero (CMF), there is a gender gap in access to housing loans in Chile, with only 41 percent of all mortgage loans going to women. This gender gap is also evident in other metrics, as only 20 percent of women have borrowed formally compared to 28 percent of men, and only 24 percent of all outstanding commercial loans have been granted to women, according to Findex and CMF, respectively.