IIC Approves Revolving Credit Line For Banco Mercantil Del Norte S.A. In Mexico
11/30/2009Washington, D.C. - On December 1, 2009, the Inter-American Investment Corporation(IIC) approved a revolving credit line of up to US$40 million for Banco Mercantil del Norte S.A. (Banorte) in Mexico.
As a strong bank with a good market position, excellent track record, and good financial performance, Banorte is Mexico’s fourth largest in terms of portfolio size.
The credit line proceeds will be used to finance the purchase or lease of fixed assets, equipment, or machinery originating in IIC member countries. The facility may also be used to finance capital investments and working capital for small and medium-size enterprises in Mexico. The assets and revenue of these beneficiary enterprises may not exceed US$20 million.
The IIC is a multilateral financial institution that is a member of the Inter-American Development Bank (IDB) Group. It provides financing (in the form of equity investments, loans, guarantees, and other instruments) and advisory services to private enterprises in Latin America and the Caribbean. In 2008, the IIC reached US$1.5 billion in assets and approved sixty-four operations channeling US$300.5 million to SMEs in the region. The IIC’s mission is to promote the economic development of its regional member countries by encouraging the establishment, expansion, and modernization of private enterprises, particularly those that are small and medium in size. For more information on the IIC’s activities, please visit www.iic.int
Contact: Sandra Reyes (in Colombia)
Telephone: + (571) 325-7053