MICROCAPITAL BRIEF: IDB Invest lends $15 million to Cordada to support MSME lenders in Chile, Mexico and Peru

IDB Invest, the private investment member of the Inter-American Development Bank (IDB) Group based in the United States, recently announced a loan of USD 15 million to Cordada, a financier of financial technology (fintech) and other lenders to micro, small and medium-sized enterprises (MSMEs) in Peru, Mexico and Chile. The agreement also includes a two-year renewable term as advisory services to strengthen Cordada’s corporate governance and that of its clients.

Cordada was founded in 2019 by three people in partnership with Frontal Trust, a Chilean investment fund manager specializing in alternative assets. Cordada is based in Chile and has $110 million in assets under management in 2022 with its 75 partners serving 3,540 in Chile, Mexico and Peru.

IDB Invest’s goal is to “finance sustainable businesses and projects to achieve financial results and maximize economic, social and environmental development” across Latin America and the Caribbean. The institution is owned by its 47 member countries and holds a portfolio of USD 14 billion in 2022.

Created in 1959, the IDB Group is a multilateral institution working to promote “environmentally friendly” economic development through the improvement of health, education and infrastructure in Latin America and the Caribbean. In 2021, it said it issued $14 billion in loans and grants, ending the year with assets of $152 billion.

By Nithin Naren, Research Associate

Sources and additional resources

IDB Invest press release

Homepage Cordada

IDB Investment Context

IsDB Invest Financial Statements

IsDB Group Financial Statements

Previous article by MicroCapital on IDB Invest
https://www.microcapital.org/microcapital-brief-banco-compartamos-borrows-50m-from-idb-invest-to-on-lend-to-micro-small-enterprises-in-mexico-focusing-on- women-led businesses/

Did you know that MicroCapital publishes the MicroCapital Monitor every month? Learn more at https://www.microcapital.org/products-page/.

Similar posts:

Comments are closed.