Original disclosure @ DFC website
Updated in EWS Oct 7, 2022
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The Project is expected to have a highly developmental impact through the provision of innovative financial goods and services to SMEs in Mexico. The Mexican economy is heavily dependent on the health of SMEs as they comprise 97.2% of all private enterprises, account for over 62% of private-sector employment and contribute to over 30% of GDP. Yet in Mexico, SMEs often lack access to capital as 23% of SMEs are either fully or partially constrained with the current SME financing gap standing at $163 billion. In addition, the Project anticipates increasing the Financial Intermediary’s percentage of women borrowers from 23% of its borrowers to 35%. Through its strategic digital partnerships, the Financial Intermediary will use its innovative technology platform to collect and analysis data to underwrite unsecured business loans to underserved SMEs.
|Private Actor 1||Private Actor 1 Role||Private Actor 1 Sector||Relation||Private Actor 2||Private Actor 2 Role||Private Actor 2 Sector|
|-||-||-||-||Banco Covalto, S.A. Institución de Banca Múltiple||Undisclosed||-|
ACCESS TO INFORMATION
Unlike many other development finance institutions, DFC does not currently have an access to information policy.
Under the United States Freedom of Information Act (FOIA), DFC is obliged to respond to reasonably formulated requests for Agency records. However, DFC may apply exemptions from release to certain types of information and may charge fees in responding to requests. DFC has a designated FOIA officer who is trained in how to respond to requests and implement the law. You can learn more about filing a FOIA request at: https://www.dfc.gov/foia
ACCOUNTABILITY MECHANISM OF THE UNITED STATES INTERNATIONAL DEVELOPMENT FINANCE CORPORATION (DFC)
The Office of Accountability is an independent office that addresses complaints about environmental or social issues related to DFC-supported projects. The office provides communities an opportunity to have concerns independently reviewed and addressed. If you submit a complaint to the Office of Accountability, it may assist you by either seeking to address your problems by facilitating a problem solving dialogue between you and those implementing the project and/or investigating whether the DFC complied with its policies to prevent environmental, social, human rights, and labor harms.
You can find more information about the Office of Accountability at: https://www.dfc.gov/who-we-are/office-accountability