The Huruma Fund disburses its first deal in Paraguay, favoring financing of agriculture SMEs

Fondo Huruma


Image of Finexpar and Gawa Capital members during a meeting in support of the Huruma Fund.

Asunción, December 14, 2022. The Huruma Fund, managed by GAWA Capital, and financed by the European Union, FONPRODE, COFIDES and private investors and savers, has completed its first investment in Paraguay by granting FINANCIERA FINEXPAR S.A.E.C.A. a loan in guaraníes equivalent to 10 million euros.

With this investment, the Huruma Fund helps reduce the financing gap for agriculture SMEs and create jobs which will indirectly benefit over 400 families in Paraguay. Furthermore, the Fund will support the growth of FINEXPAR in the agricultural sector with the aim of doubling its portfolio above 82 million euros in the next three years. This transaction marks a milestone for the entity as it is the first one paid out in local currency (guaranies) by an international investor.


FINEXPAR’s strategic objective is to finance SMEs with a high social impact potential. In addition, its agriculture portfolio is a key growth driver, comprising 30% of its total business, reaching more than 1,200 customers.

Image of Finexpar and Gawa Capital members during a meeting in support of the Huruma Fund.

The entity is showing an ever-growing commitment with the environment and the community, and has recently been accepted into the Roundtable for Sustainable Finance of Paraguay. Moreover, it has a system in place to manage environmental and social risks for its loans, as well as specific goals to invest in green loans in the coming years.

The investment analysts at GAWA Capital, Irene Vázquez and Cristina Martínez-Acitores, point out that it is a pleasure to support such a sound firm as FINEXPAR, promoting the huge social impact it is having on the development of agriculture SMEs in Paraguay.

Image of a farmer beneficiary of the Finexpar program supported by the Huruma Fund.

The chairperson of COFIDES, José Luis Curbelo, states: “at COFIDES we are delighted that the Huruma Fund is supporting farmers in Paraguay through financing instruments in the local currency, thus helping reduce risks both for the end customers and the intermediary firms. In this regard, Financiera Finexpar is a key partner for the growth and development of the Huruma Fund in Latin America”.


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.