Rebaza, Alcázar & De Las Casas advised Caja Municipal de Ahorro y Crédito de Arequipa in the obtention of a senior loan under New York law, for up to US$65 million, granted by the Japan International Cooperation Agency (JICA). The loan agreement was signed on December 5, 2025.
The funds to be disbursed will be used by Caja Arequipa to provide financing to Peruvian micro and small enterprises (MYPEs) led by women.
Our firm led the negotiation of the terms of the loan operation and assisted the Caja in matters related to the Peruvian financial system regulation.
The transaction was particularly sophisticated and complex, requiring extensive negotiations to bring the terms of the agreement in line with JICA's special criteria and requirements as a Japanese government agency, as well as constant review of specific financial regulatory aspects applicable to municipal savings and loan associations (cajas municipals de ahorro y crédito) as supervised entities by the Superintendency of Banking, Insurance, and Pension Fund Administrators – SBS.
Caja Arequipa is a leading financial institution in Peru with a track record of almost four decades, authorized and supervised by the SBS to take deposits from the public and operate as a municipal savings and loan association (caja municipal de ahorro y crédito). It has a network of branches nationwide, through which it offers a wide range of financial products and services aimed primarily at the development of entrepreneurs and MYPEs.
JICA is one of the world's leading development agencies, with operations in more than 150 countries. Through its offices in Latin American and Caribbean countries, it channels and coordinates Japan's official international public assistance, promoting projects aimed at economic and social development, environmental management, and disaster risk reduction in developing regions.