Bancomext: Foreign Trade Product TMEC

Mexico‘s Banco Nacional de Comercio Exterior (Bancomext) offers a program called «Producto de Comercio Exterior TMEC» (TMEC Foreign Trade Product) for Mexican exporters.

Its objective? To increase access to financing for export companies and those linked to value chains in strategic sectors with export potential.

The product operates within the framework of the guarantee program.

The guarantees are a financial instrument through which Bancomext backs the loans granted to companies participating in foreign trade to mitigate the loss derived from defaults due to non-payment of the portfolio.

Bancomext covers the guarantees granted to the beneficiaries of various programs through counter-guarantee funds.

The program is operated in coordination with a network of incorporated financial intermediaries, which in turn provide the financing to the companies.

More details can be found at the following link: https://www.bancomext.com/pymex/productos/comercio-exterior-tmec/

Bancomext

The main activities of this bank include: granting export and import related credits and providing guarantees to public and private sector entities in the promotion of foreign trade.

Certain investment and international trade responsibilities of Bancomext were administered by ProMéxico, a public trust that was previously overseen by the Ministry of Economy, until May 2019 when it was dissolved.

In general, the Mexican government owns a substantial majority of the capital of each development bank.

Also, under the laws creating Nafin, Banobras and Bancomext , the state is responsible, at all times, for transactions between these development banks and foreign private, governmental and intergovernmental institutions, among others.

Such statutory liability does not extend to transactions between each of the development banks and non-Mexican individuals.

There is no specific procedure or deadline for enforcing the government’s statutory liability.

In addition, the government’s statutory liability is subject to its legal and budgetary constraints.

On the other hand, the Mexican government operates the Industrial Productivity and Competitiveness Program and the Sector Promotion Programs (Prosec).

In the following link you can verify which industries benefit from this program: https://www.snice.gob.mx/cs/avi/snice/progfom.prosec.acercade.html