IDB Invest, a member of the IDB Group, announced today a loan to the Consejo de Asistencia al Microemprendedor, S.A. de C.V., S.F.P. (CAME) for an amount equivalent to $15 million denominated in Mexican pesos. The financing, with a four-year tenor, will support CAME's growth strategy in the productive microfinance portfolios, as well as small and medium-sized enterprises (SMEs).

CAME has a holistic financial inclusion model with diversified financial services that include credit, savings, insurance, remittances and service payments. By boosting these portfolios, the aim is to promote financial inclusion in Mexico, through greater access for the microcredit segment, to achieve a positive impact on the economic growth of the country, especially in the case of companies led by women and/or located in rural areas that face additional challenges in accessing financing.

“These financings are one more step within the IDB Group's Vision 2025 - Reinvest in the Americas, our roadmap to achieve economic recovery in the region, specifically when it comes to its axis to improve productivity and financing of MSMEs, and closing the gaps in terms of financial inclusion, two key factors for the full recovery of the post-pandemic economy in Mexico,” said Ernesto Stein, representative of the IDB Group in Mexico.

IDB Invest will provide advisory services to CAME to help it prepare for the eventual issuance of a social bond with a gender focus. A diagnostic of the institution will be conducted, as well as the identification of existing gaps and pathways to close them in order to achieve a successful issuance. This support will be given in the context of the We-Fi (Women Entrepreneurs Finance Initiative) program that seeks to promote support for the needs of women-led companies.

This deal is expected to contribute to three United Nations Sustainable Development Goals (SDGs): End Poverty (SDG 1), Decent Work and Economic Growth (SDG 8), Industry, Innovation and Infrastructure (SDG 9).

About IDB Invest

IDB Invest, a member of the IDB Group, is a multilateral development bank committed to promoting the economic development of its member countries in Latin America and the Caribbean through the private sector. IDB Invest finances sustainable companies and projects to achieve financial results and maximize economic, social, and environmental development in the region. With a portfolio of $13.1 billion in asset management and 385 clients in 25 countries, IDB Invest provides innovative financial solutions and advisory services that meet the needs of its clients in a variety of industries.

CAME

CAME focuses on financing underfunded sectors of Mexican society. The institution is empowered to collect deposits from the public among other activities related to financial intermediation. CAME has its origins in the Los Emprendedores Foundation, created in 1985 and, after eight years operating, in 1993 CAME, Institution of Private Assistance, was established in order to give continuity to these efforts. In 2009 CAME became SOFIPO, which allows it to attract deposits from its clients and access better funding conditions. Currently, the institution has 239 branches in Mexico City and in 29 states, including some with the highest rates of poverty and inequality, such as Oaxaca, Guerrero, Tabasco, the State of Mexico and Hidalgo. CAME has a workforce of more than 3,400 employees distributed in the central offices and branches, and 52 percent of them are women.