CAF Invests us$10 million in the funds for Entrepreneurial Capital In Mexico

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Press Release No 162/12
Mexico City, July 24, 2012

The Fund of Funds Mexico Ventures I will invest in 10 to 15 capital funds to boost early-stage businesses.

The Corporación Andina de Fomento (CAF) has decided to invest US$10 million in Mexico Ventures I, one of the vehicles created by Nacional Financiera and the Ministry of Economy to strengthen the private capital industry in Mexico.

The announcement was made during the visit of CAF President and CEO, Enrique García, who was at the Ministry of Finance and Public Credit this morning to outline a joint working agenda with the Deputy Secretary of Finance and Public Credit.

Mexico Ventures was conceived by the Ministry of Economy's Intersectoral Committee for Innovation to develop an ecosystem conducive to innovation.

Mexico Ventures I is a venture capital fund whose strategy is to invest in entrepreneurial capital funds and co-invest in innovation oriented projects to create value in Mexican enterprises. The fund has an available capital of US$70 million, US$30 million from the Ministry of Economy and US$40 from Nacional Financiera.

The Fund plans to invest in up to 15 funds which proactively nurture early-stage enterprises. To date, it has invested in eight funds, driving the development of new entrepreneurs with high impact projects and world class companies.

CAF has become a major source of financing in its founding countries, accounting for more than 30 percent of multilateral financing coming into Latin America.

The institution enjoys growing recognition and influence in the region as an advocate of integration and sustainable development and for its contribution to knowledge generation and public policy design.

CAF has a special interest in incorporating Mexico, and Nacional Financiera in particular, into its strategies and broadening program and project financing, both public and private.

Not only is CAF increasing its presence in our country, it will strengthen ties between Mexico, the shareholder countries and regional integration blocs.

Lorenza Martínez Trigueros, Deputy Secretary of Industry and Trade of the Ministry of Economy, recalled that:

•          The National Innovation Program aims to establish short-, medium- and long-term public policies designed to promote and strengthen innovation in production processes and services to heighten domestic economic competitiveness.


•          The Pillar of Finance aims to develop financial instruments to foster entrepreneurship and innovation. The Intersectoral Committee for Innovation agreed on the creation of a Fund of Funds of Entrepreneurial Capital, currently known as Mexico Ventures.

Héctor Rangel Domene, CEO of Nacional Financiera, highlighted the key benefits of CAF's participation in the equity capital of Mexico Ventures, in particular:

•          Combining business development programs with access to financing and innovation;

•          Promoting policies for the development of dynamic entrepreneurial ecosystems;

•          Supporting the implementation of innovation policies and tying development programs to the country's network of universities;

•          Encouraging the use of information technologies as a vehicle to strengthen the managerial, administrative and financial capacities of SMBs;

•          Bolstering the stock market by promoting venture capital programs and participation in investment funds.

The Corporación Andina de Fomento, “the Latin America development bank”, was founded in 1970 and currently has 18 member countries from Latin America, the Caribbean and Europe, along with 14 private banks in the South American Andean region. It is headquartered in Caracas, Venezuela.


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