Baar-Zug, Switzerland, 31 March 2020
Cooperativa de Ahorro y Crédito Cooprogreso Ltda. was founded 50+ years ago by a mission-driven group of 32 entrepreneurs in the village of Atahualpa, located in a small rural mountain area in central Ecuador, in order to foster the economic development of their region. The cooperative’s objective of saving and working for the progress of their families and community extended to the neighboring towns, and that is how Cooprogreso continued scaling its operations and strengthening its brand.
Over time, the institution has become one of the leading regulated savings and loan cooperatives in Ecuador, serving over 226’869 member beneficiaries and 60’362 clients out of 28 locations in 7 provinces. Since 2018 Cooprogreso holds the highest local rating (AA+) among the country’s largest cooperatives. In addition to its financial progress, Cooprogreso became the first Smart Certified cooperative in Latin America in 2016, reflecting its adoption of high standards of client protection.
PG Impact Investments’ debt investment will support the growth of Cooprogreso’s operations, serving its members through a diverse set of financial and non-financial products.
Urs Baumann, CEO and co-founder of PG Impact Investments, comments: “We are pleased to support the continued growth and success of Cooprogreso. We believe Cooprogreso plays an important role in providing financial stability to small and medium enterprises and underserved individuals in Ecuador.”
Stalin Muñoz, General Manager of Cooprogreso, said: “We are very grateful for the commitment of the PG Impact Investments team, especially with Urs Baumann and his vision of developing economically weak segments. I am confident that this investment contributes significantly to Cooprogreso supporting thousands of Ecuadorians to improve their lives”.
About PG Impact Investments
PG Impact Investments was founded in 2015 with the vision that private investment, innovation and entrepreneurial talent can provide solutions to the challenges faced by our society, as well as create sustainable growth. PG Impact Investments is a private sector, mission-driven, global investment firm specializing in investment solutions aimed at delivering financial returns as well as creating a positive social and/or environmental impact. It manages investment strategies for an international clientele of professional investors who are seeking investment solutions that offer market-rate returns, while also helping to address pressing social or environmental challenges. All profits from the business activities of PG Impact Investments are transferred to PG Impact Investments Foundation. The Foundation supports social initiatives and social business ventures that otherwise would not receive funding through commercial investors or investment funds. Whilst being independent from Partners Group, PG Impact Investments entities are backed by Partners Group and its employees, and benefit from the global infrastructure, investment know-how and specialist resources of this leading global private markets investment manager.
Cooprogreso has deep social roots, having been founded 50+ years ago to improve the quality of life of the most vulnerable segments in Ecuador. Today its mission is to offer quality financial products and services in order to support economic development of its members and their communities. Headquartered in Pomasqui, the Company has over 420 employees and operates through a network of branches across seven provinces in Ecuador.