IIC Approves A US$2 Million Loan To Mexico'S Monex Financiera S.A. De C.V., Sociedad Financiera De Objeto Limitado
06/05/2006Washington, DC - On June 6, 2006, the Inter-American Investment Corporation (IIC) approved a US$2 million loan to Monex Financiera S.A. de C.V. (Monex Financiera) in Mexico for funding short- and long-term working capital for companies in the manufacturing, construction, and service sectors.
Monex Financiera is the only limited-scope financial institution (sociedad financiera de objeto limitado, or SOFOL) targeting foreign trade and offering financing to small and medium-size import businesses in Mexico thanks to a strategic alliance with the Export-Import Bank of the United States. The loan proceeds will be used to fund two products, as follows: 25% of the loan proceeds are expected to be for short-term (180 to 360 days) working capital; 75% will be for medium- and long-term (three to five years) working capital. The beneficiaries will be thirty-four to forty-six small and medium-size Mexican companies that have difficulty accessing financing for working capital and trade finance for importing equipment and machinery.
The Inter-American Investment Corporation is a multilateral financial institution that is part of the Inter-American Development Bank 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. The IIC's mission is to promote the economic development of its regional member countries by stimulating 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, visit its Web site at www.iic.int.
Contact: Carlos Roa/Victor Hugo Moscoso
Telephone: (202) 623-3955