The Institute of Private Enterprise Development Limited (IPED) announced on Wednesday, through the release of its 2023 Annual Report, that it had disbursed of a total of 4,881 loans valued at $4.3 billion, which contributed to the creation and maintenance of 8,655 jobs, a release from the company stated.
According to Chairman of the Board at IPED, Komal Samaroo, “The strategic decision to focus the company’s resources on expanding micro and small loans ($2 million to $7.5 million) and reducing the micro loan interest rate by 31% supported IPED’s growth for 2023 in its efforts to meet market demands for financing.”
The release said that IPED has placed a renewed focus on engaging micro and small entrepreneurs exclusively, serviced 4,750 small and micro enterprises, with non-performing loans reduced to $95 million. The company says that it has demonstrated financial resilience and operational efficiency, with its total operating income increasing by 12% to $952 million and operating surplus surging by 35% to $301 million.