Contigo I (IFC-38960)

Countries
  • Mexico
Where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Bank Risk Rating
FI
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Feb 24, 2017
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
CEGE CAPITAL SAPI DE CV SOFOM ENR
The holder of the loan, grant, or other investment.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 6.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Jul 14, 2018

Disclosed by Bank Jan 24, 2017


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Project Description

The project is to extend a Mexican Peso (MXN) line of credit to continue supporting the loan portfolio growth in CEGE Capital S.A.P.I. de C.V., SOFOM, E.N.R. (“Contigo” or the “Company”). The proposed project will reach women micro-entrepreneurs in Mexico and will enhance micro lending competitiveness of the private sector and help deepening the financial sector since a high portion of the sub-borrowers served are outside the formal financial sector.

Investment Description
  • International Finance Corporation (IFC)

This is IFC's first investment in Contigo. Contigo is a non-bank financial institution (“Sofom”) specialized in microfinance that seeks to have a positive social impact at the base of the pyramid alongside financial returns. The Company started its operations in 2010 and achieved scale through a combination of organic growth and mergers with other MFIs. Contigo has over 180,000 clients and a total net loan portfolio of MXN 694.5 million as of September 2016.

Contigo’s ownership is comprised by strong institutional and individual shareholders with vast experience in the Mexican financial sector.

 

Private Actors

CEGE CAPITAL SAPI, de CV offers business loans to women. The company was founded in 2013 and is based in Mexico City, Mexico.

Contact Information

ACCOUNTABILITY MECHANISM OF IFC

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/