IDB Invest, Citi and DFC invested USD30m in Consejo de Asistencia al Microemprendedor (CAME), a Mexico-based microfinance institution and a subsidiary of PC Capital-backed Te Creemos Holding.
(Press Release) On August 2021, Consejo de Asistencia al Microemprendedor (CAME), a Mexican microfinance institution, recently agreed to borrow the local-currency equivalent of USD 15 million each from: (1) IDB Invest, a member of the Inter-American Development Bank (IDB) Group; and (2) a partner- ship between the US-based bank Citi and the government-backed US International Development Finance Corporation. The proceeds of the second loan are to be deployed to small and medium-sized enterprises (SMEs) in regions deemed more vulnerable to financial shocks. In support of the first loan, IDB Invest will provide advisory services to help CAME introduce “a social bond with a gender focus.” This initiative is part of the Women Entrepreneurs Finance Initiative (We-Fi), which operates from the offices of the World Bank Group.
CAME is a subsidiary of Te Creemos Holding, a portfolio company of PC Capital and its services include deposits, loans, payments, and insurance for microentrepreneurs as well as SMEs. Its loan products include group and individual loans ranging from USD 150 to USD 50,000, with terms of 24 weeks to three years. CAME, which has 239 branches in 31 states, reports assets of USD 170 million.