33639 - CAMESA II

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Summary of Investment Information

Project Number

33639

Company Name

Consejo de Asistencia al Microemprendedor, S.A. de C.V., S.F.

Date SPI Disclosed

Jun 19, 2013

Country

Mexico

Region

Latin America and the Caribbean

Projected Board Date

Jul 22, 2013

Environmental Category

FI-3 - No Impact

Status

Completed

Last Updated Date

Nov 30, 2016

Department

Global Industry, Financial Markets

Industry

Financial Markets

Previous Events

Approved : Aug 6, 2013
Signed : Oct 9, 2013
Invested : Nov 25, 2013

Sector

Microfinance and Small Business - Non Commercial Banking

Project Description

The proposed IFC investment consists of a senior loan of up to MXN180 million to CAME, S.A. de C.V., S.F.P. (“CAMESA”) for on-lending to micro-entrepreneurs. The loan will have a tenor of three years and will support CAMESA’s portfolio growth in Mexico.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	14.06
Equity

Development Impact

i) Promote access to finance: CAMESA is targeting a very low income segment which does not have alternative sources of funding, and yet it has proven that this segment can generate a healthy loan portfolio. Therefore, through CAMESA, IFC will be able to provide a sustainable access to finance channel to a financially underserved population, most of whom are women.

ii) Mobilize savings and insurance: One of the key differentiating features of CAMESA''s activities in Mexico is its integrated approach which has demonstrated that even low income segments are able to generate savings. In addition, CAMESA already offers micro insurance products that provide debt coverage in case of clients'' death for almost over 10 times the amount of the average loan.

iii) Promote competition: Mexico presents a higher lending rate compared to other MFIs in LAC; this clearly reflects a low level of competition in the current market environment. Although, it can be expected that competition will keep increasing through the entry of new players, this process can be accelerated only through rapid growth and consolidation of large MFIs and their improvements in operational efficiency.

(i) Knowledge sharing: Through this project IFC will continue to bring and share its global and local microfinance expertise with the Company;
(ii) Long-term partnership: IFC''s local currency loan will help to leverage a growing MFI that seeks greater market penetration, further portfolio and geographic reach and introduction of innovative services; and
(iii) IFC''s stamp of approval will allow the Company to attract potential investors and sources of funds that would otherwise take longer to reach the Company.

E&S Category Rationale / Risks and Mitigation

The proposed investment consists of a general purpose Senior Secured Loan for an amount of up to MXN180 million (approximately US$15 million equivalent) to support CAMESA, a regulated, deposit-taking non-banking financial institution (NBFI) in Mexico. The proceeds will be used to expand CAMESA’s microfinance portfolio in Mexico’s high density/underserved semi-urban low-income populations. The overall portfolio risk is considered to be low given that the loans are granted to microentrepreneurs with activities in the retail sector, which typically has limited adverse environmental and social impacts. The project has been categorized as an FI-3 in accordance with IFC''s Environmental and Social Review Procedure. For this project the client will be required to: i) Nominate an ESMS Officer who will be responsible for ensuring that all investments avoid supporting activities on the IFC MFI Exclusion List and comply with local laws, (ii) Update the Exclusion List in its Credit manual, iii) Comply with the requirements of the Performance Standard 2 Labor and Working Conditions, (iv) Submit a periodic report as per a format to be provided by IFC.

Contacts

For Inquiries About the Project, Contact

Federico Manzano Lopez
General Manager of CAME Group and CAMESA’s Board Member
Consejo de Asistencia al Microemprendedor S.A. de C.V, S.F.P.
Telephone: +52 55 53 403070 ext. 124
E-mail: mailto:fmanzano@came.org.mx

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This Summary of Investment Information (SII) is prepared by IFC to disclose a factual summary of the main elements of the potential investment. It also includes findings and recommendations related to environmental and social considerations regarding this potential investment. The purpose of the SII is to enhance the transparency of IFC’s activities. For any project documentation or data included or attached herein, whether prepared by the project sponsor or otherwise, authorization has been given for public release by the project sponsor. IFC considers that this SII is of adequate quality for release to the public, but has not necessarily independently verified all of the project information therein. It is distributed in advance of IFC Board of Directors’ consideration and may be periodically updated thereafter. Board dates are estimates only and this document should not be construed as presuming the outcome of the Board Directors’ decision. The following SII is disclosed in accordance with IFC's Access to Information Policy (AIP) that went into effect on January 1, 2012.

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