Home / Knowledge / News / Mexico to receive US$5 mn loan from IGNIA
Mexico to receive US$5 mn loan from IGNIA
18
Aug '08
IGNIA Social Investment Fund, a venture fund for commercial enterprises serving the poorest populations, will receive a US$5 million loan and a US$205,000 technical cooperation grant from the Inter-American Development Bank's Multilateral Investment Fund (MIF).

IGNIA will invest in 8 to 12 early stage and growth companies in Latin America whose core business is to deliver commercial solutions to unmet needs at the base of the socio-economic pyramid.

The MIF, in partnership with the IDB Opportunities for the Majority Initiative (OM), works to catalyze and leverage resources to expand access to credit for low-income people in Latin America and the Caribbean.

The IGNIA fund, based in Mexico, is the first combined operation in which MIF is an equity investor in a fund leveraged by OM, which previously approved a senior loan of up to US$25 million for IGNIA to increase its investable capital. The fund will seek to raise up to US$75 million in equity commitments from institutional investors and expects to make an exit within 12 years.

“The IGNIA fund tries to connect the dots between people at the base of the economic pyramid and the corporate world,” said MIF team leader Susana García-Robles. “The fund is run by Álvaro Rodríguez Arregui and Michael Chu, who were instrumental in making microfinance successful in Latin America, and also have private equity/venture capital experience.”

“By supporting IGNIA, MIF is not only supporting the creation of a new venture fund dedicated to the base of the pyramid segment, but is also helping create a new segment within the venture capital industry that will focus on fighting poverty, combining the lessons learned from microfinance with the financial tools of venture capital,” explained García-Robles. “The demonstration effect of this fund could lead the way for many more similar initiatives in the region.”

MIF, an autonomous fund administered by the IDB, supports private sector development in Latin America and the Caribbean, focusing on microenterprise and small business.

Inter-American Development Bank

Must ReadView All

Textiles | On 29th Apr 2017

Slight drop in Unifi 2017 Q3 sales

The net sales of Unifi Inc., one of the world's leading innovators in ...

Apparel/Garments | On 29th Apr 2017

US retail operating growth to be 1.5-2.5% in 2017: Moody's

The forecast for operating income growth in the US over the next 12...

Textiles | On 28th Apr 2017

India lifts CVD imposed on Nepali Jute goods

The countervailing duty (CVD) that was imposed on Nepali jute...

Interviews View All

Karel Williams
Dow Microbial Control

'Silvadur is most rapidly adopted in areas where hygiene-conscious and...

DK Sharma
Velocity Apparelz

We constantly communicate with employees at all levels

Pinkesh Jain
Everflow Petrofils Ltd

‘An innovative technology which India needs desperately is the...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
April 2017

April 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X