Madrid, January 17, 2022. The Huruma Fund, managed by GAWA Capital and financed by the European Union, the Spanish Agency for International Development Cooperation (AECID) through the Development Promotion Fund (FONPRODE), COFIDES and private investors and savers, has formalised its first two operations in Bolivia through the development finance institutions (DFIs) Crecer and Pro Mujer, and has paid out its third investment in Peru, Edpyme Alternativa.

The total investment, of over 13 million euros, in these three entities, will allow increasing their agriculture loan portfolios, reaching more farmers, and launching specific agricultural products. This adds up to six investments of the Huruma Fund, exceeding 23 million euros invested in finance institutions focused on farming.


The Huruma Fund provides 5.1 million euros to Crecer, a Bolivian institution with over 20 years of experience, devoted to offering financial products aimed at improving the quality of life of Bolivian women and their families. It targets the most disadvantaged areas in the country and offers free training on financial education, technology and health. With the support of the Huruma Fund and its Technical Assistance Facility, it will contribute to the development of non-financial services related to agriculture and food security.

The Huruma Fund’s investment in Pro Mujer Bolivia is 4.2 million euros. This institution belongs to the microfinance network Pro Mujer which has been serving low-income, self-employed women across the country for over 30 years. Pro Mujer Bolivia aims to design and launch a new agriculture loan product. Part of the Huruma funds will be used to study demand and optimise product launches, selecting the best geographical areas for their supply.


In turn, the Huruma Fund is granting 4 million euros to Edpyme Alternativa, an institution that has been working in rural areas since 1992, with the aim of providing formal financing solutions to unbanked communities in the north of Peru. This financing will support the growth of its agriculture portfolio, to reach a target 5 million euros and support 3,000 farmers in 2024 through investments in agricultural fixed assets, with terms of up to 5 years, the main source of the Huruma additionality. The expectation is for 8,600 agriculture credits to be awarded throughout the life of the loan.

The Investment Director at GAWA Capital, Tomás Ribé, states that “with these investments, the Huruma Fund enables growth of the agriculture portfolios of entities active in this industry and the launch of specific agricultural products, reinforcing their support for smallholder producers in Bolivia and Peru".

The Chairman of COFIDES, José Luis Curbelo, highlights that “the Huruma Fund is an example of how public-private partnerships can establish alliances that help mobilise private financing, capital and investment with public funds, as well as technical assistance which improves business productivity and competitiveness, thus also increasing social impact and environmental sustainability. We expect that these investments will provide access to financing for the most remote regions and excluded farmers".  


The Huruma Fund is the first project led by COFIDES within the framework of agriculture blending facilities in the European Union. With the advice of 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 195 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).