The National Exterior Commerce Bank (Bancomext) celebrated its 85th anniversary this Tuesday, announcing new financing programs in support of Mexico’s national manufacturing industry, aimed at developing the domestic supply of consumer goods for strategic industries and incorporating small and medium-sized enterprises (SMEs) into value chains.
Luis Antonio Ramírez Pineda, Director, Bancomext, led the ceremony, which was attended by the Minister of Finance Rogelio Ramírez de la O as the guest of honor. Other guests included former Bancomext directors of such as Enrique Vilatela Riba, José Luis Romero Hicks and José Ángel Gurría Treviño.
"Mexico needs to consolidate its foreign trade policy like never before, actively participate with new and better products in international market competition and support exporters in their technical and credit demands," said Minister Ramírez de la O. He also underscored the multiple challenges the Mexican economy faces, including the global economic slowdown caused by the pandemic, rising inflation and the consequent increases in interest rates.
Despite these challenges, Ramirez de la O accentuated optimism regarding the Mexican economy, as Mexico has solid macroeconomic fundamentals. In addition, the country will have an excellent opportunity to attract investment due to projects that boost industrial development in Mexico’s south and southeast regions. Projects such as the Dos Bocas refinery, the Mayan Train and the Trans-Isthmic Train bring excellent opportunity for industrial development and the attraction of new investment. Mexico's geographic position should be taken advantage of at this time: given the problems in global supply chains, many companies are opting for nearshoring, therefore moving their production plants to closer locations. It is during this relocation that Mexico has a strong competitive advantage due to its integration with North America through the USMCA.
Moreover, Luis Antonio Ramírez took advantage of the ceremony to announce the four new financing programs that Bancomext will be offering. The first of these consists of Tier 1 financing for companies in the industrial, commercial and services sectors with annual sales below MX$250 million (US$12.76 million). The support will come with access to loans of up to MX$60 million (US$3 million) and terms of up to five years earmarked for working capital, equipment and even the payment of liabilities.
The other three programs will consist of Tier 2 financing. One is for the development of suppliers linked to global export chains, aimed mainly at suppliers in strategic sectors such as the automotive, aerospace and electric-electronic industries. The second of these projects will be for pure leasing, which will promote modernization and equipment to increase the productive capacity of export companies and their suppliers. The last will focus on women entrepreneurs who export, to whom Bancomext will offer loans with better interest rates and guarantees in order to strengthen companies and improve their productive capacity.
In conjunction with private banks such as Multiva, Mifel, and Ve por Más, Bancomext will launch a pilot program to finance the development of regional productive vocations, in which non-banking financial intermediaries will also be invited to collaborate.
"With its solid financial structure, Bancomext is well-positioned to face the challenges of the future and support the government's efforts to improve the well-being of Mexico's population," concluded Ramírez.