Cordada SpA, a company that operates as a Non-Banking Financial Intermediary (NBFI) with the purpose of accelerating the development of MSMEs in Latin America, received financing from IDB Invest in the amount of US$15 million. The transaction has a renewable term of two years. Cordada has a portfolio of US$110 million in assets under management.

The project will allow Cordada’s portfolio of NBFIs and MSMEs to grow, which is expected to contribute more generally to increasing access to financing for MSMEs in Chile, Peru, and Mexico. The financing gap for MSMEs in Latin America and the Caribbean is estimated at US$1.2 trillion. IDB Invest will support Cordada in strengthening its corporate governance through its technical advisory services.