26338 - Fomento Agroindustrial Progresemos SFOM

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 Proposed Investment

Project Number

26338

Company Name

FINANCIAMIENTO PROGRESEMOS SA DE CV SOFOM ENR

Date SPI Disclosed

Jan 23, 2008

Country

Mexico

Industry

Financial Markets

Projected Board Date

Feb 25, 2008

Status

Completed

Sector

Microfinance and Small Business - Non Commercial Banking

Department

Global Industry, Financial Markets

Environmental Category

Previous Events

Approved : Jun 4, 2008
Signed : Aug 25, 2008
Invested : Dec 15, 2008

Project Description

The project is to extend a Mexican Peso (MXN) line of credit of up to MXN 40 million to Fomento Agroindustrial Progresemos, S.A. de C.V., SOFOM, ENR (Progresemos or the company) to support the Company’s loan portfolio growth. IFC will also provide Advisory Services of a form and nature to be agreed between IFC and the company. The clients that would benefit with this credit line are women entrepreneurs in the micro and small enterprise category located, initially, in the states of Oaxaca, Chiapas, Tabasco, Campeche, Morelos, Michoacan and Veracruz.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	3.68
Equity

Development Impact

The expected development impacts of the project will be: - Progresemos’ loan portfolio growth and the number of active clients in the target sector; - The number of local MFIs partnered with Progresemos; - The number of local MFIs benefiting from Progresemos’ technology platform and operating procedures; - The number of local MFIs where Progresemos participates in the decision making process.

- Promote access to finance: IFC’s loan would assist a new microfinance lending institution to be able to broaden its reach in extending loans to the unbanked segments of the Mexican population. - Promote competition: IFC’s partnership with Progresemos will foster competition in the microfinance sector in Mexico. - Reduce interest rates over the longer term: The fostering of competition in this sector will facilitate the reduction of interest rates charged for microlending over time.

This project involves IFC support for the business of microfinance and has been classified as a Category FI project according to IFC’s Environmental and Social Review Procedure. Considering the nature of activities supported, the project will be required to:

- Develop a procedure relevant to its business process, prior to disbursement, that is satisfactory to IFC, and that ensures that all its investments are screened and processed to avoid supporting activities on the IFC Microfinance exclusion list;
- Identify qualified persons to manage and implement the procedure;
- Commit to establish a similar screening process to avoid supporting activities on the IFC Microfinance Exclusion List in MFIs which provide loan origination or servicing for Progresemos or in which Progresemos will take a controlling stake;
- Demonstrate commitment and resources to implementing the procedure; and
- Submit a periodic report to IFC as per format to be provided by IFC.

Contacts

For Inquiries About the Project, Contact

Roberto Flores Athie COO Miguel Laurent 15-Bis, Desp. 103 Col. Del Valle C.P. 03100, Mexico D.F. Mexico Telephone: +52 (55) 55752009 ext. 102 Fax: +52 (55) 5573605

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: 202-974-4384E Mail: Webmaster

This Summary of Proposed Investment is prepared and distributed to the public in advance of the IFC Board of Directors' consideration of the proposed transaction. It is not an offer of shares to the public and is intended solely to enhance the transparency of IFC’s activities. This document should not be construed as presuming the outcome of the Board decision. Board dates are estimates only. The following SPI is disclosed in accordance with IFC’s Policy on Disclosure of Information that went into effect April 30, 2006.

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 Proposed Investment

Project Description

Sponsor / Cost / Location

Development Impact

Similar Projects

Contacts

Projects

Summary of Proposed Investment

Project Description

Sponsor / Cost / Location

Project Sponsor and Major Shareholders of Project Company

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

Board Approved IFC Investment

Location of Project and Description of Site

Development Impact

Anticipated Impact Measurement & Monitoring (AIMM) Assessment

IFC's Expected Development Contribution

Environmental and Social Issues - Category

Press-Release

Related ESRS/ERS

Similar Projects

Contacts

Disclaimer