Bancomext channeled loans to 1,529 SMEs
The National Bank of Foreign Trade (Bancomext) of Mexico channeled credits of up to 30 million pesos to 1,529 SMEs with a credit spill that reached 4.72 billion pesos, between September 2020 and June 2021.
Likewise, these credits are linked to the value chains of strategic sectors with export potential,
Bancomext’s main activities include: the granting of credits related to exports and imports and the issuance of guarantees to public and private sector entities in the promotion of foreign trade.
Certain investment and international trade responsibilities of Bancomext were managed by ProMéxico, a public trust that was previously supervised by the Ministry of Economy, until May 2019 when it was dissolved.
Bancomext
Development banks are entities of the Federal Public Administration that have legal and budgetary autonomy from the government.
In particular, development banks in Mexico are incorporated as national credit entities, which make up a part of the banking system.
In addition, the country’s Congress determines the focus area of each development bank. The main objective of development banks is to provide access to savings and financing for individuals and legal entities in their respective areas of interest, as well as to provide technical assistance and training.
Bancomext’s loans to SMEs are intended to increase their productive capacities with the validity of the Agreement between Mexico, the United States and Canada (USMCA).
The supported companies corresponded to the electronic, automotive, capital goods, communication, metal, audio and video, information technology, medical devices, plastic, electrical and lighting, medical equipment, aerospace, pharmaceutical and agribusiness sectors.
Through the “Mejora tu Hotel” Program, Bancomext supported tourism activity, which registered a portfolio balance of 47,481 million pesos as of June 2021. The above allowed to support 170 projects in 27 cities and 18 on the second floor. Magic towns.
To promote the development and sustainability of SMEs linked to the automotive sector export chain, from January to June 2021 through the Pro Auto Program, 6.153 million pesos were delivered, in coordination with 11 commercial banking institutions.
