IFC supports Mexican microfinance through bond guarantee
The World Bank's private sector arm, IFC, has supported the Mexican microfinance sector through a bond guarantee.
Earlier this week the IFC also announced a loan to Banco Continental in Paraguay to support SMEs.
IFC issued a partial guarantee for the first bond sold by Camesa to expand the company's lending services to microfinance institutions in Mexico.
Camesa operates through 168 branches in 28 states with a focus on high-density "sub-urban" areas where financial access is low.
Camesa raised 200mn pesos (US$13mn) through a two-year bond, IFC said in a release announcing the partial guarantee.
The company issued the bond to diversify its base of funding and to develop a name among local debt capital market investors.
IFC said that its guarantee allowed the bond to obtain a local credit rating of 'AA-' from Fitch and HR Ratings.
The World Bank unit offers partial credit guarantees to help private sector firms attract new types of investors or to access capital markets for the first time.
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