"German Desk" in Peru starts operations

• Practice-based solution for German SMEs
• Cooperation between DEG, AHK Peru and Banco Financiero
• Additional German Desks at planning stage in Africa and Asia

Peru is one of Latin America’s emerging economies and is getting ever more interesting, also for German SMEs. Many companies, however, shy away from stepping into a market new to them. This is where DEG - Deutsche Investitions- und Entwicklungsgesellschaft mbh, comes into play with a practice-based solution. As a pilot project, the "German Desk - Financial Support and Solutions", a cooperation between DEG, the German Chamber of Foreign Trade in Lima and the Peruvian Banco Financiero, has started its activities.

"We wish to support German companies and their trading partners through our cooperation with local partners, such as Banco Financiero. They can get information about financial services from a single source and make direct use of the partners’ network on location," said Christiane Laibach, member of DEG’s Management Board, on the occasion of the opening in Lima on 1 February 2017 in Lima.

Alexander Spangenberg, CEO of Banco Financiero added: "We are pleased to start this interesting project together with DEG in Peru, as first of its kind worldwide. I believe that this initiative fits perfectly with our focus on small and medium-sized enterprises. Our long-term cooperation with DEG provides a sound basis for the German Desk."

"AHK Peru welcomes the initiative, which is an important instrument for providing the Peruvian economy, in particular SMEs, with an access to innovative technologies. Technology transfer between Germany and Peru is one of our objectives," explained Antje Wandelt, AHK Managing Director.

In practical terms, the German Desk will provide financial services, such as setting up accounts, providing short to medium-term credit lines, services for financing trade and transaction banking. This also includes financing solutions for local companies wishing to acquire German equipment or services, because German companies often establish business ties with local companies before they invest in developing countries and emerging markets such as Peru. To do so, they need to obtain suitable investment financing, e.g. for acquiring German machines.

Based on the Peruvian model, two more German Desks are to be opened in Africa and Asia in 2017. As part of the cooperation, DEG puts its network at the disposal of the respective local partner bank and, where necessary, provides it with additional long-term capital, allowing them to offer financing for local customers of German companies. Neighbouring markets are also to be covered with the partner banks’ networks. The Association of German Chambers of Industry and Commerce (DIHK) and the German Chambers of Commerce Abroad are closely involved as partners in this project.