Mexico City, June 17, 2015- IFC,
a member of the World Bank Group, has provided a guarantee to the first
bond issued by Consorcio de Asistencia al Microemprendedor S.A. de C.V.
(CAMESA) to support the company’s fundraising towards expanding its lending
services to microfinance institutions in Mexico.
CAMESA raised 200 million pesos, or $13 million equivalent, through a two-year
bond. This will be CAMESA’s first bond issuance in the Mexican capital
markets. Through the bond, the company is looking to diversify its funding
base and develop its name as a reputable issuer among local debt capital
IFC will guarantee up to half of the amount of the bond issued by CAMESA,
assuring investors of full and timely debt service payment for that amount.
With IFC’s guarantee the two-year bond received a local credit rating
of AA- by Fitch Ratings and HR Ratings.
“We are pleased with the success of our first debt issuance, which will
allow us to carry on with the expansion our financial services to Mexicans
at the bottom of the pyramid,” said Federico Manzano, CEO of CAMESA.
IFC offers partial credit guarantees to help private sector companies attract
new types of investors or to access the capital markets for the first time.
“Deep and liquid domestic capital markets are the foundations for long-term
growth and a key source of financing for the local private sector,” said
Jingdong Hua, IFC Vice President and Treasurer. “In Mexico, highly rated
issuers with a strong capital markets track record are readily able to
access the bond market. For new issuers, however, placing their first bond
can be a challenge. CAMESA’s successful bond will help diversify its funding
base and hopefully pave the way for future issuances.”
IFC’s strategy in Mexico focuses on supporting private sector investment
to accelerate growth, improve competitiveness, promote social inclusion,
and reduce poverty. In fiscal year 2014, IFC committed $519 million in
47 projects with microfinance institutions around the world. Since pioneering
commercial microfinance in the early 1990s, IFC has continued to lead innovation
in microfinance, using developments in technology, financial products,
and policy to help financial institutions reach a greater number of people
in a more cost-effective way.
IFC, a member of the World Bank Group, is the largest global development
institution focused exclusively on the private sector. Working with private
enterprises in about 100 countries, we use our capital, expertise, and
influence to help eliminate extreme poverty and boost shared prosperity.
In FY14, we provided more than $22 billion in financing to improve lives
in developing countries and tackle the most urgent challenges of development.
For more information, visit www.ifc.org
CAMESA was established in 2005 as a transition from Desarrolladora de Emprendedores
AC (DEAC) a non-for-profit institution created in 1998. Both CAMESA and
DEAC are part of the CAME Program whose activities started in 1985 to help
the victims of the earthquake. CAMESA operates through its 168 branches
in 28 Mexican states. Over 20% of its branches are in frontier states,
and it is focused on high density sub-urban areas where financial access