Caja Municipal de Ahorro y Crédito Arequipa, a leading municipal savings and loans association, announced that it has raised S/.10 million (approximately USD 3.5 million) in local currency through the completion of a Certificate of Deposit (CD) offering. With this offering, CMAC Arequipa becomes the first Peru-based, non-banking microfinance provider of its kind to tap into the local capital markets.

Earlier this year, Mibanco, Banco de la Microempresa, raised S/. 30 million (approximately USD 10.5 million) through an oversubscribed certificate of deposit. This was Mibanco’s fifth offering and part of a larger CD offering, which to date has raised S./110 million (approximately USD 38.2 million).

WWB Capital Markets Group works with its network members worldwide, encouraging and facilitating access to local capital markets. During 2009 WWB published A Guide to Select Emerging Markets for Microfinance Issuers and International Investors: Colombia to deepen and promote the participation of foreign investors in the local Colombian capital markets. WWB will publish similar guides for Mexico, Brazil and Peru by year-end 2010.