A Belgium-based manager of microfinance funds, Incofin Investment Management, recently announced an investment of MXN 188 million (USD 10 million) in Mexican non-bank financial institution Financiamiento Progresemos to expand its services for micro- and small enterprises. The investment will result in two funds managed by Incofin acquiring minority stakes in the microfinance institution (MFI): agRIF, which invests in financial services for small-scale farmers, and Volksvermogen, which targets MFIs more generally.
Progresemos, established in 2006, serves 120,000 borrowers in 22 states, including some of Mexico’s most rural areas. As of 2016, Progresemos reported USD 75.5 million in total assets and a gross loan portfolio of USD 47.2 million. The organization does not accept deposits.
Among the other funds managed by Incofin are the Rural Impulse Funds I and II. As of 2017, Incofin has USD 1 billion deployed in 51 countries.
By Michelle Fleming, Research Associate
Sources and Additional Resources
Incofin press release
http://www.incofin.com/incofin-im-invests-usd-10-million-in-financiamiento-progresemos-of-mexico/
MIX profile on Progresemos
https://www.themix.org/mixmarket/profiles/progresemos
Incofin homepage
http://www.incofin.com
Impact Alpha article
https://impactalpha.com/incofin-commits-10-million-to-mexicos-financiamiento-progresemos/
MICROCAPITAL BRIEF: Incofin Investment Management Raises 71m in First Close of AgriFund, Successor to Rural Impulse Funds Plans to Invest in Agriculture Rural Enterprises
https://www.microcapital.org/microcapital-brief-incofin-investment-management-raises-71m-in-first-close-of-agrif-fund-successor-to-rural-impulse-funds-plans-to-invest-in-agricultural-rural-enterprises/
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