Progresemos V (IFC-41306)

  • 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
Bank Risk Rating
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
Sep 24, 2018
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.
The holder of the loan, grant, or other investment.
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Ring Fence
  • Small & Medium Enterprises
A financial intermediary is a commercial bank or financial institution that receives funds from a development bank, sometimes for a specific lending purpose. A "ring fence" is another name for this specific purpose. These funds are then used for lending by the financial intermediary to client companies or individuals.
Investment Type(s)
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 12.50 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 12.50 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Aug 31, 2018

Disclosed by Bank Aug 17, 2018

Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description

The project is to extend a Mexican Peso (MXN) line of credit to continue supporting the loan portfolio growth in Financiamiento Progresemos, S.A. de C.V., SOFOM, ENR (“Progresemos” or the “Company). Through the intermediary, the project expects to reach women microentrepreneurs in Mexican frontier regions and continue to: (i) enhance microlending competitiveness of the private sector; (ii) help deepen the financial sector since a high portion of the clients served, are outside the formal financial sector; and (iii) encourage sustainable social and environmental development.

Investment Description
Financial Intermediary
Financial Intermediary: A commercial bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
Private Actor Relationship

There is often limited information publicly available about what development banks are funding through financial intermediaries. In 2021, the Early Warning System partnered with Oxfam International to incorporate information on high-risk projects being funded by financial intermediaries receiving funding from the International Finance Corporation (IFC) and the Dutch Development Bank (FMO).

The information listed below describes the relationship between the different private actors linked to high-risk sectors and subprojects of IFC and FMO's financial intermediary investments and/or the financial intermediary's parent companies made from 2017 through 2020, including any associated ring fences.

The database, however, does not explicitly or implicitly imply that IFC or FMO have material exposure to or are contractually or legally accountable to the sub-projects financed by their financial intermediaries or the financial intermediary's parent companies. It only shows a seemingly financial relationship among the different private actors, the financial intermediaries, and IFC or FMO.

Private Actors Description

Progresemos is a non-bank multi-purpose financial institution (“SOFOM”) specializing in microfinance lending, with experience in payroll lending and starting to diversify its product base to SME lending.  Through its business model based on co-financing, the Company channels it product offering through: (i) strategic partners (“SP”); (ii) branches; and (iii) payroll agents; enabling the Company to reach a higher number of clients.

Progresemos’ ownership is compromised by institutional and individual shareholders with experience in the Mexican financial sector. The largest shareholders, which collectively own 42.92% of the Company are two private equity funds managed by Kandeo. After the Kandeo funds, the next largest shareholder is Mr. Rafael Moreno Valle, with 29.01% through his wholly owned holding company, Tegasa S.A. de C.V. Progresemos’ COO, Mr. Roberto Flores Athie, holds a 6.22% stake. Mr. Moreno Valle and Mr. Flores are the Company’s founding shareholders and sponsors and together hold 35.23% of the Company.

This is IFC's fourth investment in the firm.  

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Kandeo Parent Company -
- - - - Tegasa S.A. Parent Company -

Contact Information

For more project information, contact: 

Financiamiento Progresemos, S.A. de C.V., SOFOM, ENR 
Roberto Flores 
+ 52 55 5575 2009 ext. 102 
Carretera Picacho Ajusco 130, Despacho 200, Colonia Jardines de la Montaña, 14210, Ciudad de Mexico, Mexico. 


For inquiries about the IFC, contact: 

General IFC Inquiries
IFC Communications
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384



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 You can learn more about the CAO and how to file a complaint at