Mexico City /
Citibanamex, the US Development Finance Corporation (DFC) and the Ford Foundation gave an award 10 million dollar loan (200 million pesos) for Konfío SME Finance.
Citibanamex confirmed in a statement that Funding will allow Konfío to grant loans For small and medium-sized businesses in the states of southern Mexico, including Chiapas, Guerrero, Michoacan, Oaxaca, Puebla, Tabasco, Tlaxcala and Veracruz. At least half of the resources will be used to grant loans to women entrepreneurs.
The The loan is part of Scaling EnterpriseCiti’s partnership with DFC Corporation and the Ford Foundation, which enables innovative, inclusive early-stage companies in emerging markets to access local currencies.
This funding, which is part of Citi’s $1 trillion commitment to sustainable finance by 2030, helps facilitate progress in many areas. Sustainable Development Goals (ODS): Goal 1, which aims to eradicate poverty; Goal 5, focuses on promoting gender equality; and Goal 8, which encourages the expansion of decent work and economic growth.
This investment also encourages 2X Women’s Initiative at DFCwhich has been the catalyst for more than $13.5 billion in investment in projects that empower women in developing countries, and Challenge 2X, an initiative of G7 countries that seeks to support women’s economic empowerment.
Since 2014, Konfío has grown exponentially and has granted more than 45,000 loans to more than 27,600 small and medium-sized businesses.