34538 - CAMESA PCG

Who We Are
Who We Are

IFC is the largest global development institution focused on the private sector in developing countries. By encouraging growth, IFC advances economic development, creates jobs and improves the lives of people.
More About Us
About IFC

Our Leadership

Development Partners
Accountability

Learn more about accountability
Annual Report

Download the Report
What We Do
What We Do

IFC advances economic development and improves the lives of people by encouraging the growth of the private sector in developing countries. We achieve this by investing in impactful projects, mobilizing other investors, and sharing expertise.
What We Do Overview
SOLUTIONS

Our products and services
OUR PRIORITIES

Climate Business

Fragile & Conflict Afflicted Situations

Gender

Mobilizing Private Capital

Sustainability
SECTORS & EXPERTISE

Agribusiness & Forestry

Creative Industries

Education

Financial Institutions

Funds

Health

Infrastructure

Manufacturing

Public-Private Partnerships

Tourism, Retail & Property

Trade & Supply Chain Finance

Venture Capital

Working Upstream
Where We Work
Where We Work

As the largest global development institution focused on the private sector, IFC operates in more than 100 countries around the globe. We apply lessons learned in one region to solve problems in another.
Overview
By Region

Africa

East Asia and Pacific

Europe

Latin America and the Caribbean

Middle East and Central Asia

South Asia
Our Impact
Our Impact

Our impact improves lives. IFC brings a clear set of advantages to the world’s most challenging markets. Including a history of innovation, a global mandate, and a determination to achieve measurable development impact.
Our Impact Overview
PRINCIPLES & MEASUREMENT

Impact Investing at IFC

Measuring and Monitoring (AIMM)

Evaluation

Sustainable Development Goals (SDGs)

Owned by 186 member countries and consistently rated AAA/Aaa. IFC aims to achieve our mission of promoting development by providing debt and equity to the private sector, through a range of benchmark and bespoke products.

For Partners

For Investors

Get in Touch

Summary of Investment Information

Project Number

34538

Company Name

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

Date SPI Disclosed

Oct 9, 2014

Country

Mexico

Region

Latin America and the Caribbean

Projected Board Date

Jun 24, 2014

Environmental Category

FI-3 - No Impact

Status

Completed

Last Updated Date

Jun 12, 2021

Department

Global Industry, Financial Markets

Industry

Financial Markets

Previous Events

Approved : Jun 24, 2014
Signed : Oct 14, 2014

Sector

Microfinance and Small Business - Non Commercial Banking

Project Description

Consejo de Asistencia al Microemprendedor S.A. de C.V., S.F.P. (“CAMESA” or the “Company”), an existing IFC Client, is planning its first long-term debt issuance of MXN200 million (US$15.4 million equivalent) in the domestic debt capital markets. The Company seeks to place the issuance with institutional investors. CAMESA’s current rating is BBB+ by Fitch; hence, a credit enhancement for the issue will facilitate its placement at an attractive cost and to access the target investor base. Depending on the market conditions, the Company may decide to issue 2-3 smaller bonds under a bond program.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee	9.73
Loan
Equity

Development Impact

1. Financial institution development: The Project will contribute to the development of a leading MFI and will support CAMESA in building its name in the capital markets and diversify its funding base with private sector investors.
2. Access to finance for micro entrepreneurs: The Project will support the availability and growth of finance to micro entrepreneurs in Mexico, particularly in high density sub-urban areas.
3. Funding mobilization: The PCG will mobilize local currency funding for a leading MFI that contributes to the economic development and job creation in Mexico.
4. Development of the corporate debt capital markets: IFC's PCGs support the development of the local corporate debt capital markets. In Mexico, the local capital markets still remain illiquid and difficult to access by corporate bond issuers except the largest ones such as PEMEX. This transaction would contribute to the breath of bond issuers able to tap into the bond markets.

1. Provide access to long-term financing: The PCG will allow CAMESA to issue its first long-term bond, which will provide additional funding for its microfinance portfolio.
2. Provide access to diverse investor base: Through the bond issuance, CAMESA will establish its name as a successful corporate debt issuer in the domestic capital market. Thus, the PCG will mobilize resources from local institutional investors that would not be available otherwise and thus facilitate financial flexibility to the Client.
3. Demonstration effect: The Project will facilitate the access to capital markets of a leading MFI and build its name among investors.

E&S Category Rationale / Risks and Mitigation

The proposed investment consists of a Partial Credit Guarantee (PCG) to a bond issue. CAMESA is an existing IFC client. Its overall portfolio risk is considered to be low given that it consists of loans 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 Sustainability Framework. As part of the existing investment, CAMESA already nominated 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. For this project the client will be required to: (i) Update the Exclusion List in its Credit manual, ii) Comply with the requirements of the Performance Standard 2 Labor and Working Conditions, (iii) 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

For Inquiries and Comments About IFC, Contact

General IFC Inquiries
IFC Corporate Relations
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384
E Mail: Webmaster

IFC supports its clients in addressing environmental and social issues arising from their business activities by requiring its real sector clients to set up and administer appropriate grievance mechanisms and/or procedures to address complaints from Affected Communities in relation to environmental and social issues arising from IFC's clients' business activities. Since 2012, IFC's Financial Intermediary clients applying the Performance Standards are required to develop External Communications Mechanisms to receive and review inquiries or complaints from any interested party regarding the E&S risks and impacts of their operations.

For IFC projects that are active or under consideration, individual(s), or their authorized representative(s), who allege they have been or will be adversely affected by E&S risks or impacts arising from IFC's clients' business activities, may submit a complaint to IFC directly for consideration. When receiving an E&S complaint, IFC engages with complainants and works with its clients to find solutions to E&S concerns as quickly and efficiently as possible.

Complaints can be submitted to IFC online at www.ifc.org/escomplaints or by email to EScomplaints@ifc.org.

IFC complaint response is separate from and complementary to IFC’s clients’ project level grievance mechanisms and IFC’s Independent Accountability Mechanism (CAO). Lodging a complaint directly with IFC does not, at any time, restrict access to CAO.

Affected communities have unrestricted access to the Compliance Advisor Ombudsman (CAO), the independent accountability mechanism for IFC and MIGA. CAO facilitates the resolution of complaints related to IFC and MIGA projects and sub-projects, undertakes reviews of IFC’s and MIGA’s environmental and social compliance, fosters public accountability for their commitments, and enhances the environmental and social performance of IFC and MIGA.

Independent of IFC and MIGA management and reporting directly to the IFC and MIGA Boards of Executive Directors, CAO helps resolve issues raised about the environmental and social impacts of projects through a neutral, collaborative, problem-solving approach via its Dispute Resolution function. It also reviews IFC’s and MIGA’s compliance with environmental and social policies, assesses related harm, and recommends remedial actions through its Compliance function. Additionally, CAO provides advice to IFC, MIGA, and their Boards to enhance environmental and social sustainability performance and minimize the risk of harm.

Complaints may relate to environmental and social harm regarding any aspect of the planning, implementation, or impact of a project or sub-project, and can be made by any individual, group, community, entity, or other party affected or likely to be affected by the environmental or social impacts of an IFC- or MIGA-financed business activity.

Complaints can be submitted by any of the following methods:

Online form: available at https://www.cao-ombudsman.org/
Mail/Hand Delivery to: 2121 Pennsylvania Avenue, NW, Washington, DC 20433, USA
Voice mail: +1 202 458 1973
Email: cao@worldbankgroup.org
SMS, WhatsApp, Telegram, and Signal: +1 202 650 2627

CAO receives and addresses complaints in accordance with the CAO Policy, which can be accessed at: https://www.cao-ombudsman.org/policies-guidelines.

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.

The map is for illustrative purposes and does not imply the expression of any opinion on the part of the World Bank, concerning the legal status of any country or territory or concerning the delimitation of frontiers or boundaries. Country borders or names do not necessarily reflect the World Bank Group's official position. In some cases, available project location information is limited to the country of the project's activities. Locations are approximate.

Projects

Summary of Investment Information

Project Description

Sponsor / Cost / Location

Development Impact

E&S Category Rationale / Risks and Mitigation

Similar Projects

Contacts

Projects

Summary of Investment Information

Project Description

Sponsor / Cost / Location

Project Sponsor and Major Shareholders of Project Company

Total Project Cost and Amount and Nature of IFC's Investment

IFC's Investment as Approved by the Board

Location of Project and Description of Site

Development Impact

Anticipated Impact Measurement & Monitoring (AIMM) Assessment

IFC's Role and Additionality

E&S Category Rationale / Risks and Mitigation

Environmental & Social Categorization Rationale / Key Risks & Potential Impacts

Environmental & Social Management System (ESMS)

Mitigation Measures / Environmental & Social Action Plan (ESAP)

Press-Release

Related Environmental Document

Similar Projects

Contacts

Information on E&S Complaints and Grievance Mechanisms

Disclaimer