The Huruma Fund helps bridge the financing gap of agriculture SMEs in Mexico

Members of the Gawa Capital team and the ProCredito financial institution in Mexico.

Madrid, September 29, 2022. The Huruma Fund, managed by GAWA Capital and financed by the European Commission, FONPRODE, COFIDES and private investors and savers, has completed its first investments in Mexico by granting two loans of 3.6 and 12 million euros to the financial institutions ProCrédito and MEGA, respectively.

With this investment, the Huruma Fund contributes to bridging the financing gap of agriculture SMEs, creating jobs that will indirectly benefit over 7,500 families in Mexico. The fund will support the growth of both entities, which will increase their agriculture portfolios above 225 million euros (in total) in the next three years.


Mexico is a country with limited banking penetration, where barely 37% of adults have a bank account and 27% of SMEs have access to credit, which only covers 12% of their financial needs.

Two workers at an agricultural enterprise supported by the Mega financial institution in Mexico.

ProCrédito and MEGA have the strategic objective of financing SMEs with unmet needs in México, with a high potential social impact. Their agriculture portfolios are a key growth driver which establish strategic alliances between fruit exporters and small producers to enlarge their scope and diminish risk.

Members of the Gawa Capital team and the MEGA financial institution in Mexico.

ProCrédito’s mission is to finance semiformal SMEs in the transport and agriculture industries. In recent years, their agriculture portfolio has undergone strong growth, currently exceeding 4.5 million euros and expecting to reach 15 million euros in 2024. Likewise, the entity sets specific goals for investing in green loans, by financing efficient irrigation systems and reducing pollutants through gas conversions.

MEGA is a large financial institution focused on leasing production assets to MSMEs. With an agriculture portfolio of 165 million, they offer specific loans for renewable energies and finance irrigation systems that reduce water use through agriculture credits. The support of the Huruma Fund will allow MEGA to increase their agriculture portfolio up to 210 million euros in 2025.

The joint CEOs of GAWA Capital, Agustín Vitórica and Luca Torre, pointed out that both entities fit into the Huruma Fund’s strategy given their commitment to support smallholder farmers and small and medium agriculture enterprises, with a strong component of financing assets that build producers’ resilience against climate change. Their action is also complementary as they serve a wide range of beneficiaries of various sizes.

The chairman of COFIDES, José Luis Curbelo, highlighted “the work the Fund is carrying out to reach the maximum number of end beneficiaries and have the financing include those with the greatest hardships in the agriculture value chain, thus contributing to improve food security”.


The Huruma Fund is the first project led by COFIDES within the framework of agriculture blending facilities in the European Union. Managed by GAWA Capital, it has 120 million euros contributed by the European Union, FONPRODE (the Development Promotion Fund) of the Spanish Agency for International Development Cooperation (AECID)COFIDES and private investors, thanks to the collaboration of CaixaBank Private Banking, which has distributed the fund through its national network. The objective is to provide access to loans to farmers in underserved rural areas in Latin America, the Caribbean, Sub-Saharan Africa and Asia. It includes a Technical Assistance Facility (TAF) to provide consulting services and training related to agriculture, and to help improve the entities the Fund invests in, enhancing the impact on excluded rural populations.


Established in 2010, GAWA Capital is the leading firm in impact investing in Spain, having mobilised over 204 million euros in public and private investments. Its objective is to improve the lives of low-income communities by promoting investing in social enterprises, while providing their investors with a financial return. GAWA was a pioneer in the introduction of impact investing in Spain, launching three funds which invest in emerging countries with an inclusive approach to market solutions for social issues.


COFIDES, a State-owned company engaging in the management of State and third-party as well as its own funds, pursues a number of aims: internationalisation of Spain’s economy, furtherance of economic development and fortification of the solvency of companies affected by COVID-19. In addition to the Spanish State, its shareholders include Banco Santander, Banco Bilbao Vizcaya Argentaria (BBVA), Banco Sabadell and Development Bank of Latin America (CAF).

This press release was produced with the financial assistance of the European Union. The views expressed herein can in no way be taken to reflect the official opinion of the European Union.

PROCREDITO, Financial Company


PROCREDITO | Financial Company

ProCredito is a non-regulated financial company in Mexico (SOFOM) focused on serving the semi-formal SME through business loans (working capital and fixed assets) with an average loan size of EUR 28,000. It is the spin-off of ProCredit Mexico, founded by ProCredit Holding (which operates financial institutions in Eastern Europe and Latin America). It was established in Mexico in 2007 through an investment by the IADB and DOEN (Dutch Lottery Foundation) to promote SME lending.

ProCredito’s mission is to finance semi-formal SMEs in the transport and agriculture sectors, operating through strategic alliances. In recent years, its agricultural portfolio has experienced strong growth driven by the berry export boom, expecting to reach EUR 15 million by 2024.

ProCredito currently has 19% of its portfolio in agriculture, working with certain value chains through traders who have agreements with small producers. The institution expects to increase the agricultural portfolio to 25% by 2023.

ProCredito has specific targets for green loan placements, financing efficient irrigation systems and the reduction of pollutants through gas conversions.

Country: Mexico

Investment: EUR 3,6 MM

Investment type: Debt

Technical assistance: Pending

Investment date: Jun 2022

PROCREDITO map, Financial Company

Huruma: Transforming Lives

Huruma’s investment in ProCredito aims to transform the lives of smallholder farmers through the following theory of change:

Input: EUR 3,6 MM focused on Agricultural SMEs’ financing.

Output: Agricultural SMEs’ portfolio reaches >EUR 15 MM.

Outcome: > 4,000 agri families impacted*.

(*) Metric calculated by estimating an average of 10 employees in Mexican SMEs.
PROCREDITO, Financial Company

MEGA, Leasing Company


MEGA | Leasing Company

MEGA is an independent leasing company in Mexico, founded in 2003 and has been regulated by the CNMV and Banxico since 2016

The company focuses mainly on financial leases for high-value equipment for SMEs and small corporations. In addition, 24% of its portfolio is focused on the agricultural sector, mainly in protected agriculture (berries), which is sourced through strategic alliances with distributors companies for export.

MEGA’s agricultural portfolio of €165 million, is serving medium-sized producers and rural MSMEs excluded by commercial banks With the support of the Huruma Fund, MEGA aims to increase its agricultural portfolio to EUR 210 million by 2025.

MEGA offers specific loans for renewable energy, as well as financing irrigation systems that reduce water consumption through agricultural credit.

Country: Mexico

Investment: EUR 12 millon

Investment type: Debt

Technical assistance: Pending

Investment date: Aug 2022

Map MEGA, Leasing company

Huruma: Transforming Lives

Huruma’s investment in MEGA aims to transform the lives of smallholder farmers through the following theory of change:

Input: EUR 12 MM focused on Agricultural MSMEs’ financing.

Output: Agricultural MSMEs’ portfolio reaches >EUR 210 MM.

Outcome: >5,000 agri families impacted*.

(*) Metric calculated by estimating an average of 10 employees in Mexican SMEs.
MEGA, Leasing Company