NAFIN Raises MX$10 Billion to Finance Plan México

Mexico’s national development bank, Nacional Financiera (NAFIN), has completed a MX$10 billion local bond issuance under the Plan México framework, bolstering financing for domestic productive capacity and strategic infrastructure projects. Backed by strong demand from local institutional investors, the AAA-rated offering provides critical liquidity to meet rising corporate credit needs fueled by the country’s manufacturing expansion and nearshoring momentum. The proceeds will support small and medium-sized enterprises, industrial innovation initiatives, and supply chain strengthening.

——

Mexico’s national development bank, Nacional Financiera (NAFIN), completed a bond placement in the domestic market totaling MX$10 billion (US$572.77 million) to finance strategic national development initiatives. The three-year debt issuance features a floating (revisable) interest rate and directly supports the strategic objectives of Plan México, which aims to strengthen domestic productive capacity, deepen value chain integration, and generate employment across priority economic regions.

The debt operation attracted demand equivalent to 1.4 times the initial target amount of MX$7.5 billion. Robust investor appetite enabled the state-backed financial institution to increase the final transaction size beyond its original target. NAFIN priced the bonds at a spread of 23 basis points above the benchmark rate, reflecting favorable financing conditions, stable market access, and strong institutional credit quality. The issuance received the highest national-scale credit rating, AAA, from the principal rating agencies, confirming its position as one of the most secure issuers in the local debt market.

Domestic institutional investors led the placement, with active participation from local pension funds (afores), mutual funds, insurance companies, and bank treasuries. Banorte, Scotiabank, Invex Casa de Bolsa, and Santander Casa de Bolsa acted as lead bookrunners, helping secure broad investor participation and competitive funding terms.

NAFIN will allocate the proceeds to expand financing for micro, small, and medium-sized enterprises (MSMEs), strengthen strategic supply chains, and fund industrial development, infrastructure, and innovation projects. The additional liquidity is expected to support rising corporate credit demand as Mexico continues to benefit from manufacturing investment and nearshoring trends. The issuance comes one week after NAFIN partnered with Banco Santander México to launch US$13 million in financing aimed at improving energy efficiency among MSMEs.

According to an official statement from the development bank, "This operation represents the second emission of NAFIN so far this year and is part of an institutional strategy aimed at diversifying funding sources, maintaining an active presence in the local debt market, and expanding its capacity to support the country's strategic productive sectors."

NAFIN Institutional Program 2025-2030

In January 2026, NAFIN presented its 2025–2030 Institutional Program, a long-term strategy aligned with Mexico's National Development Plan (PND) that seeks to expand financial inclusion, strengthen regional productivity, and accelerate industrial development. The strategy prioritizes MSMEs, which account for approximately 52% of Mexico's gross domestic product (GDP) and generate roughly 68% of national employment.

Despite their economic significance, only 12.4% of MSMEs report access to formal financing due to structural barriers such as informality, limited credit histories, and insufficient collateral. The program establishes a Plan México target of increasing the share of MSMEs with formal financing access from 12% to 30% by 2030.

The program outlines three operational priorities: expanding financing for MSMEs operating in strategic industries, strengthening domestic suppliers to deepen national value chains, and broadening financial inclusion across underserved segments of the economy. To achieve these objectives, NAFIN will continue emphasizing second-tier lending through financial intermediaries while utilizing guarantee programs to share credit risk for companies lacking traditional collateral.

Additionally, the bank will prioritize environmental, social, and governance (ESG)-linked financial instruments, import-substitution strategies designed to capture greater export-related value, and financing for major federal infrastructure projects, including the Maya Train, the Interoceanic Corridor (CIIT), and the Felipe Ángeles International Airport (AIFA).

The strategy also incorporates social inclusion initiatives, including targeted financial products for entrepreneurs and women-led businesses, as well as specialized financial education programs delivered in Spanish and indigenous languages for Indigenous and Afro-Mexican communities. NAFIN enters this planning cycle after supporting an average of 500,000 companies annually over the previous six years, generating cumulative credit spillovers exceeding MX$2 trillion (US$114.5 billion).

Financial indicators show that NAFIN’s basic capital increased from MX$31.38 billion (US$1.8 billion) in 2019 to MX$36.13 billion (US$2.07 billion) by the end of 2024, while maintaining a capitalization ratio (ICAP) of 20.9%, well above regulatory requirements. Looking ahead, the institution projects its credit portfolio will exceed MX$682.10 billion (US$39.06 billion) by 2030, requiring net borrowing of MX$118.80 billion (US$6.8 billion) over the five-year period. Its long-term outlook envisions a credit portfolio reaching MX$1.28 trillion (US$73.3 billion) by 2040, reinforcing NAFIN's role as a key public financing vehicle supporting Mexico's industrial policy and economic development agenda.