BBVA Mexico and Nestlé Extend Credit to Agribusiness Suppliers

BBVA Mexico and Nestlé will extend a credit of US$17.65 million (MX$300 million) to approximately 1,500 agribusiness suppliers under the 'Crediproveedores' agreement.

Initiated in July 2022, this partnership has evolved to encompass up 1,500 Nestlé suppliers in the agribusiness sector. 

Álvaro Vaqueiro Ussel, Head of Corporate and Investment Banking, BBVA Mexico, sees this collaboration as a milestone fostering SME growth, emphasizing its commitment to environmental and societal causes. 

Ricardo Mange Aguayo, Head of SME Banking, BBVA Mexico, underscores the bank's alignment with the agreement, tailoring terms to accommodate the unique features of the agribusiness sector, facilitating the transition toward sustainable production systems. 

“The goal is to support the Mexican farming sector with a special focus on the wellbeing of society", said BBVA in a press release.

Fausto Costa, CEO, Nestlé Mexico, stressed their commitment to sustainable development within the Mexican countryside and the transition to regenerative food systems. "This is one more step in our commitment to the sustainable development of the Mexican countryside and in the transition to regenerative food systems. This alliance allows us to reaffirm our commitment to sustainability and to be very proud to continue driving positive change in small and medium-sized enterprises".

BBVA plans to allocate US$330 billion (MX$5.6 billion) by 2025, with US$203.5 billion already earmarked by September 2023. Of this investment, 77% will be directed toward combating climate change, while 23% is allocated to fostering inclusive growth initiatives.