## KEY TAKEAWAYS
- The story titled "Expanded co-investment funds can help strengthen SMEs working capital" could not be retrieved in full, so this summary relies on the headline and related sources that match its SME working-capital theme.
- IDB Invest has approved more than $1 billion in operations with local Argentine financial institutions over the past year to expand SME financing, per its own publication.
- IDB Invest's Originate-to-Share model combines its own A loans with capital mobilized from other investors (B loans) to expand the lending capacity of banks serving SMEs.
- IDB Invest provided Banco Santander Argentina with partial guarantees of up to $50 million for reverse factoring, covering up to 90% of potential anchor-company defaults.
- Separate co-investment coverage in the source set concerns US regulation: the SEC expanded co-investment relief to open-end funds, which is a different subject from the SME lending program.
## DETAILED SUMMARY
The original article could not be retrieved, so the available material is limited to its headline and a set of related sources. The headline links expanded co-investment to SME working capital. The closest matching supplemental source is an IDB Invest publication on supporting Argentine SMEs through working-capital and investment financing. According to that publication, IDB Invest has approved more than $1 billion in operations with local financial institutions over the past year. These operations are supported by loans and guarantees and by capital mobilized from other investors.
IDB Invest describes this approach as Originate-to-Share, in which it deploys its own capital and mobilizes funding from other investors to expand the financing available to banks serving SMEs. Approved operations include up to $100 million for Banco Comafi, $200 million for Banco Macro, $250 million for Banco Supervielle, $65 million for Banco CMF, and a $300 million loan for Banco Galicia. The publication also cites a partial guarantee of up to $50 million to Banco Santander Argentina for early-payment reverse factoring transactions, covering up to 90% of potential anchor-company defaults. According to the Central Bank of Argentina, 74.6% of individuals and firms holding a MiPyME certificate had access to financing by December 2025.
Separately, several related sources discuss co-investment in a US regulatory and private-markets context. These include SEC relief that allows open-end funds to co-invest alongside affiliated funds in negotiated transactions, and industry commentary on private equity and venture capital co-investment as a minority stake alongside a sponsor fund. These sources do not describe the SME financing programs above, and they should not be read as direct evidence for the headline's claims about SMEs.
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