Cofide

What Cofide does

COFIDE (Corporación Financiera de Desarrollo) is Peru's state-owned development bank, founded in 1971 and headquartered in Lima, operating as a second-floor financial institution (banco de segundo piso). Rather than lending directly to end borrowers, COFIDE raises funds from domestic and international capital markets and on-lends or co-finances through Peru's commercial banking sector and specialized microfinance institutions (CMAC, CRAC, EDPYMES, cajas municipales y rurales). Its five core business lines are: (1) project financing for large-scale infrastructure and productive investments; (2) financial intermediation to the MYPE sector; (3) fiduciary services administering public and private trust structures; (4) capital markets, including thematic bond issuance (green, sustainable, social, and blue bonds); and (5) financial literacy and enterprise management programs targeting underserved populations.

COFIDE operates enterprise-grade financial infrastructure including SAP for ERP and financial management, Oracle9iAS Reports for document generation, and a Real-Time Gross Settlement (LBTR) application for securities transactions. Digital channels include the financial inclusion portal (inclusionfinanciera.cofide.com.pe), the business development portal (desarrolloempresarial.cofide.com.pe), and the newly launched Peru Business Fest 2026 platform connecting startups to AI tools, financing, and advisory services. Cybersecurity infrastructure comprises Palo Alto Global Protect VPN, HSM payShield 10K encryption, and ManageEngine OpManager for data center monitoring.

COFIDE generates revenue through multiple streams: the spread between its cost of funds (bond yields, international DFI borrowing) and on-lending rates; fiduciary and trust administration fees (ISO 9001:2015 certified); bond issuance and portfolio management income; returns on equity investments in third-party funds (e.g., UPI infrastructure fund, ALIVE Ventures' ALEG II impact fund); and program management fees for government economic stimulus programs. Its quasi-sovereign credit profile provides access to capital markets at favorable rates, evidenced by the 'Quasi-Sovereign/GRE Issuer of the Year' award at the 2026 Global Banking & Markets Awards. COFIDE is governed by FONAFE, is not publicly traded, and serves a diversified base across MYPES, large infrastructure borrowers, government entities, startups (approximately 85 funded by end-2026), and rural populations (20 community-based UNICA credit unions to date).

Name

Cofide

Legal name

Corporación Financiera de Desarrollo - COFIDE

Website

https://cofide.com.pe

Company type

Private

Founded year

1971

Operating status

Operating

Headcount range

251–500 employees

Short description

COFIDE is Peru's state-owned second-floor development bank, channeling financing via commercial banks and microfinance institutions to micro and small enterprises, infrastructure projects, government entities, and startups through thematic bond issuances and fiduciary trust administration.

Ownership category

akta.pro rank

Product category

Development Banking

NAICS

Commercial Banking (52211), Depository Credit Intermediation (5221), International, Secondary Market, and All Other Nondepository Credit Intermediation (522299)

SIC

State Commercial Banks (6022), Federal & Federally-Sponsored Credit Agencies (6111), National Commercial Banks (6021)

akta.pro primary industry

Export Credit Agencies (ECAs) & Trade Finance Institutions (BPADACAF)

akta.pro secondary industries

Agency & Supranational Bond Trading Platforms (FSAFACAD), Structured Trade & Export Credit (ECA-backed, Structured Solutions) (FSABAHAJ)

Keywords

• Development banking services
• Project financing solutions
• Microfinance credit lines
• Fiduciary trust management
• Thematic bond issuance

Headquarters

HQ city

Lima

HQ country

Peru

HQ region

Latin America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Lending / Financial Intermediation Spread: As a development bank of second floor, COFIDE raises funds from capital markets (domestic and international bond issuances) and international development finance institutions at favorable rates, then on-lends or co-finances projects through financial intermediaries and direct project financing, earning the interest rate spread. Key instruments include the S/450M subordinated credit program for microfinance institutions and project co-financing.
2. Fiduciary / Trust Administration Fees: COFIDE earns fees for administering public and private trust structures (fideicomisos) on behalf of government programs (Reactiva Perú, Impulso Myperú, FAEs) and other institutional clients. ISO 9001:2015 certified processes for trust administration.
3. Capital Markets / Bond Issuance: Revenue from issuing and managing thematic bonds (green, sustainable, social, blue), corporate bonds, and short-term instruments (ICPs) on domestic and international markets. Includes underwriting fees, issuance discounts, and ongoing bond portfolio management.
4. Fund Investment Management: COFIDE invests equity capital into third-party funds (e.g., UPI infrastructure fund, ALEG II impact fund) as a Limited Partner or direct investor, generating returns on its investment portfolio and supporting fund deployment for development objectives.
5. Program Management / Technical Assistance: COFIDE earns fees and operational support for managing government economic programs and providing technical assistance to financial intermediaries, municipalities, and productive sectors.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels7 records

Core offering

COFIDE is Peru's state-owned second-floor development bank (banco de desarrollo de segundo piso) that channels domestic and international capital to the Peruvian financial system through commercial banks, microfinance institutions (CMAC, CRAC, EDPYMES, cajas municipales y rurales), and capital markets. It provides project co-financing for large infrastructure and productive investments, subordinated credit lines to microfinance intermediaries, fiduciary administration of public trust programs, and issuance of thematic bonds (green, sustainable, social, blue).

Product overview

COFIDE (Banco de Desarrollo del Perú) operates as a second-floor development bank offering a multi-product portfolio organized around five core business lines: (1) Project Financing for large infrastructure and productive investments; (2) Financial Intermediation for the MYPE sector; (3) Fiduciary Services managing public/private trust structures including economic reactivation programs; (4) Capital Markets through thematic bond issuance (Green, Sustainable, Social, and Blue bonds); and (5) Financial Literacy and Enterprise Management. These core offerings are complemented by digital platforms (Inclusión Financiera portal, Desarrollo Empresarial portal, Peru Business Fest 2026) and specialized programs including Impulso MYPERÚ, Reactiva Perú, FAE programs, and the new S/ 450 million microfinance strengthening initiative. COFIDE also supports startups through venture capital fund investments and the annual Talento COFIDE training program for youth.

Differentiator

Problem solved

Functional benefit

Products and services

• Financiamiento de Proyectos (Project Financing)
• Intermediación Financiera (Financial Intermediation)
• Servicios Fiduciarios (Fiduciary / Trust Administration)
• Mercado de Capitales (Capital Markets / Thematic Bond Issuance)
• Bonos Temáticos (Thematic Bonds: Green, Sustainable, Social, Blue)
• Alfabetización Financiera y Gestión Empresarial (Financial Literacy and Enterprise Management)
• Programa de Fortalecimiento Patrimonial de Microfinancieras: Créditos Subordinados Nivel 1
• Programas de Reactivación Económica (Reactiva Perú, Impulso MYPERÚ, FAE MYPE/Agro/Turismo, PAE MYPE)
• Peru Business Fest 2026
• Talento COFIDE Training Program
• Portal de Inclusión Financiera (Financial Inclusion Platform)
• Portal de Desarrollo Empresarial (Business Development Platform)

Quantifiable outcome

• S/100.2M net profit in 2025, a 43% year-over-year increase from the prior year
• +6 more outcomes

Named customers3 records

Segments6 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Seven partnerships are on record, tiered minor and core.

• PECAP (Peruvian Association of Private Capital)minorStrategic or Co-development Partner · 1 June 2026COFIDE and PECAP jointly published an report on Peru's venture capital ecosystem, identifying opportunities to mobilize greater local capital, strengthen startups, and consolidate public-private articulation. The report revealed that Peruvian startups will demand approximately US$1,106 million to grow while projected capital supply would barely reach US$590 million.
• Ayuda en AccióncoreStrategic or Co-development Partner · 1 May 2026COFIDE and Spanish NGO Ayuda en Acción implemented a rural financial inclusion model in Apurímac that enabled the formation of 20 community-based Credit and Savings Unions (UNICA), managed by local producers themselves. To date, these unions have accumulated S/155,520 in savings and disbursed S/321,942.80 in loans with a 0% delinquency rate, demonstrating the model's effectiveness and community ownership.
• CMAC, CRAC, EDPYMES, Cajas Municipales y Rurales (Peru's Microfinance Network)coreChannel Partner/ Reseller/ Distributor · 1 April 2026COFIDE channels development financing through Peru's entire network of specialized microfinance institutions — cajas municipales (CMAC), cajas rurales de ahorro y crédito (CRAC), and empresas de desarrollo de la pequeña y micro empresa (EDPYMES) — which serve as the primary retail distribution interface for MYPE credit. COFIDE provides subordinated credits (e.g., S/450M program), working capital funds, and fiduciary administration for programs like FAE MYPE, Impulso Myperú, and Reactiva Perú.
• FONAFE (Fondo Nacional de Financiamiento de la Actividad Empresarial del Estado)coreStrategic or Co-development Partner · 1 March 2026COFIDE signed a Framework Agreement for Inter-institutional Collaboration with FONAFE (National Fund for Financing State Enterprise Activity) to optimize financing and management of public companies in Peru. This alliance strengthens coordination between Peru's development bank and the state enterprise financing fund, enabling better resource allocation and institutional support for government-owned enterprises.
• CAF (Banco de Desarrollo de América Latina y el Caribe)coreStrategic or Co-development Partner · 1 March 2026COFIDE signed a Memorandum of Understanding (MOU) with CAF (Development Bank of Latin America and the Caribbean) to promote technical assistance and sustainable development. The partnership aligns with COFIDE's mission to mobilize resources and promote the country's sustainable development through joint initiatives in capacity building, knowledge exchange, and co-financing structures.
• UPI (Unión para la Infraestructura) - SURA Investments / Credicorp CapitalcoreStrategic or Co-development Partner · 1 March 2026COFIDE made its first investment from its Fund Participation Program in the Infrastructure Investment Fund II managed by UPI (Unión para la Infraestructura), operated by SURA Investments and Credicorp Capital. The fund targets investments in energy, transport and logistics, social infrastructure, and telecommunications sectors, marking COFIDE's entry into direct equity infrastructure investment.
• PrestamypecoreChannel Partner/ Reseller/ Distributor · 1 March 2026COFIDE provides a $25M credit line through a trust structure to Peruvian fintech Prestamype to finance mortgage-backed loans for Peruvian SMEs. Prestamype, which reported $319M in factoring disbursements in 2025 (163% growth from $121M in 2024), uses the COFIDE channeled credit to expand its lending product offering under the development bank's mandate.

Scale indicators11 records

Recent moves6 records

Expansion highlights7 records

Direct peers

• CAF (Banco de Desarrollo de América Latina y el Caribe): Latin American regional development bank providing project financing, credit lines, and technical assistance to member countries. Directly comparable as a multilateral DFI with similar mandate, on-lending model, and active partnership with COFIDE (2026 MOU for technical assistance).
• Bancoldex: Colombia's development bank focused on financing productive sectors, exports, and innovation. Highly comparable as an Andean regional development bank with similar MYPE financing, trust administration, and venture capital programs; ALIVE Ventures ALEG II co-investor alongside COFIDE.
• Nacional Financiera (NAFIN): Mexican state-owned development bank providing second-floor financing, guarantee programs, and supply chain finance. Comparable as a second-floor development bank with similar MYPE/SME intermediation and capital market issuance functions.
• BICE (Banco de Inversión y Comercio Exterior): Argentine state-owned development bank focused on long-term financing for productive investment and infrastructure. Comparable as a Latin American second-floor development bank with similar mandate to mobilize capital for national development priorities.
• CORFO (Corporación de Fomento de la Producción): Chilean development agency promoting entrepreneurship, innovation, and competitiveness. Comparable as a state-owned development institution supporting startups, venture capital funds, and SME financing with similar equity investment and intermediation models.

Broad incumbents

• BNDES (Banco Nacional de Desenvolvimento Econômico e Social): Brazilian federal development bank providing long-term financing for infrastructure, industry, and trade. Comparable as a much larger Latin American state-owned development bank with a similar second-floor lending model and project finance focus.
• FMO (Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden): Dutch entrepreneurial development bank investing in emerging markets. Comparable as an international DFI providing debt and equity to financial intermediaries and projects in developing countries; co-investor with COFIDE in ALIVE Ventures ALEG II fund.
• Proparco: French development finance institution (subsidiary of AFD) focused on private sector development in emerging economies. Comparable as a European DFI channeling capital through financial intermediaries and impact funds; co-investor with COFIDE in ALIVE Ventures ALEG II.
• IFC (International Finance Corporation): World Bank Group member focused on private sector development in emerging markets. Comparable as the largest global DFI providing debt and equity to financial intermediaries, fintechs (e.g., Lendable-style structures), and infrastructure projects across developing economies.

Others

• ALIVE Ventures: Largest impact and venture capital fund manager in the Andean region (over US$80M AUM). Comparable as a portfolio investee of COFIDE through the ALEG II fund, representing the emerging-manager VC side of COFIDE's venture capital strategy addressing Peru's startup funding gap.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/cdedecofide
• LinkedInlinkedin.com/company/cofide
• Instagraminstagram.com/cofide
• Xx.com/cofide_peru

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments3 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Cofide