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Bancomext: its main financing instrument

The main financing instrument of Banco Nacional de Comercio Exterior (Bancomext) is a loan in excess of US$3 million.

Bancomext, a federal development bank, operates as a first- and second-tier bank and offers financial products aimed at direct and indirect exporters.

Bancomext also has specialized sector programs to address the financing needs of “strategic” sectors.

The sectors considered strategic in 2021 were: aerospace, automotive, electrical and electronic components, energy, maquila and industrial buildings, mining and metallurgy, telecommunications, transportation and logistics, and tourism.

According to information from the World Trade Organization (WTO), during the last five years, the main financing instrument offered by Bancomext was credit in excess of US$3 million, which is offered to exporters, regardless of the sector in which they operate or the size of the companies.

In addition, Bancomext offers financing and technical assistance through the Instituto de Formación Financiera para el Comercio Exterior (IFFCE), to improve the competitiveness of SMEs and thus enable them to compete in the international market.

In the third quarter of 2020, Bancomext implemented the Impulso PYME 50 scheme to finance SMEs’ working capital.

During the last five years, SMEs obtained a substantial part of the credit.

Bancomext

According to the WTO, “strategic” sectors in general continue to receive around 50% of total credit (over 70% in 2018); among these, the tourism sector, followed by the energy sector and industrial parks and warehouses obtained the largest share of credit.

In 2020, given the economic and social context caused by the pandemic, Bancomext established plans to restructure credits and grace periods for the payment of principal, both in domestic and foreign currency; in addition, support was granted to finance working capital complementary to debt recalendarizations.

Bancomext authorized 139 reschedulings totaling US$288 million; credit lines related to these reschedulings total US$3.309 billion, mainly in the tourism, automotive, transportation and logistics sectors.

USMCA

Beginning in 2020, Bancomext implemented, through private banks, a new credit program at preferential rates (USMCA Bancomext Foreign Trade Product).

The objective of the program is to contribute to increasing the productivity of exporting companies of any size and those related to trade in light of the entry into force of the Mexico-United States-Canada Agreement (USMCA ), and to promote the diversification of their exports.

The maximum amount of the loans is 30 million pesos (or its equivalent in USD).

The WTO also indicates that in 2020 (fiscal year), 500 million pesos were earmarked as counter-guarantee funds to cover credit granted by commercial banks for up to 7,000 million pesos.

Bancomext also promotes exports through other financial instruments, such as international factoring services and export letters of credit.

Through the international factoring service, exporters obtain financing for up to 90% of the invoice value.

Bancomext issues letters of credit as a means of payment for exporting companies, which reduces the need for the Mexican exporting company to verify the credit of the purchasing company, since the payment obligation falls on the banks.

Bancomext, through the Garantía Comercio Exterior (formerly Garantía Comprador) mechanism, grants guarantees of up to US$3 million to financial intermediaries abroad to finance the purchase of Mexican products and/or services.

Through this instrument, exporters receive payment for their sales of goods and services in cash, thus avoiding the buyer’s credit risk and country risk.

 

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