Access to credit will benefit 16,000 artisanal and small-scale miners, thanks to a multilateral alliance between the Peruvian State, the UNDP, and the Ica Municipal Fund through the planetGOLD Peru project.
It is estimated that in Peru around 300,000 people are dedicated to artisanal and small-scale gold mining (ASGM) in the 25 regions of the country. However, despite its dynamic role in local economies, its access to formal banking had been limited by informality and not having financial products intended for the sector.
Thanks to a multilateral alliance between the Peruvian State, the United Nations Development Program (UNDP), and the Ica Municipal Fund, through the planetGOLD Peru project; artisanal mining and small formal mining and REINFO will have the first two financial products designed exclusively for the sector. The launch of the “Crédito Crece Minero” and “Crédito Mujer Pallaquera” took place this September 5 during a ceremony in Ica.
The “Crédito Crece Minero” is a financial product aimed at small and formalized artisanal miners and miners in the process of formalization who are constituted as natural or legal persons and who have their Environmental Management Instrument (IGAFOM). The loan amounts range from S/500 to S/100,000 and will allow the financing of working capital and the acquisition of fixed assets such as equipment and machinery for mercury-free and eco-efficient gold exploitation and processing.
Access to these credits by artisanal and small-scale miners for the acquisition of clean technologies for the production of mercury-free and environmentally responsible gold contributes to the fulfillment of the commitments assumed by Peru as a country party to the Minamata Convention. on Mercury.
The “Pallaquera Woman Credit” is a financial product aimed at manual gold sorters, known as pallaqueras, who are registered in the registry of Third Natural Persons and Manual Gold Sorters administered by the MINEM through its General Directorate of Mining Formalization. The amount of the loans will be from S/500 to S/12,000 for the financing of alternative or complementary businesses to the manual gold selection activity.
Financial inclusion is an engine for sustainable development, as it allows economic growth and the well-being of people and companies, especially in rural communities where artisanal mining is a source of employment for thousands of men and women, providing them with opportunities for a better quality of work life.
Access to financing and banking access for artisanal miners, small-scale miners, and manual gold sorters contributes to the sustainability of formalization in the sector. Having sources of financing and credit support will also allow the professionalization of its activities and the promotion of responsible and inclusive socio-environmental practices.
The global planetGOLD initiative is funded by the Global Environment Facility (GEF) and led by the United Nations Environment Program (UNEP). In Peru it is executed by the Peruvian State with the technical assistance of the United Nations Development Program (UNDP).