IIC Launches Initiative To Finance Banks In Mexico
05/04/2010Initiative seeks to strengthen the capacities of the financial market that supports small and medium-size companies in Mexico
Washington, D.C. – On May 5, 2010, the Inter-American Investment Corporation (IIC) launched a new initiative to provide financing to local, regional, and niche banks in Mexico. With this initiative the IIC seeks to support multipurpose banking institutions by providing them with medium- and long-term facilities for up to US$20 million per institution, for channeling to local SMEs.
The IIC currently serves Mexican nonbank financial intermediaries through its Program for Funding Specialized Financial Institutions (IFEM). The IFEM Program covers all nonbank entities that offer financing, including Sociedades Financieras de Objeto Limitado (Sofol), Sociedades Financieras de Objeto Múltiple (Sofom), and credit unions, as well as leasing and factoring companies, which can receive IIC loans for up to US$3 million.
The IIC is a multilateral financial institution that is a member of the Inter-American Development Bank (IDB) Group. 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. It does so by providing 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 2009, the IIC reached US$1.4 billion in assets and approved 40 operations channeling US$299.8 million to SMEs in the region. For more information on the IIC’s activities, please visit www.iic.int.
Contact: John Beckham
Telephone: (202) 623-3984