COVID-19: CAF aids Mexico’s exporters through Bancomext
CAF has granted a line of credit to Mexico’s Foreign Trade Bank (Bancomext), which is aimed to help the country’s exporters via credits of up to USD 150 million across strategic sectors such as steel and automotive.
In the face of the COVID-19 pandemic, CAF—development bank of Latin America—has pledged to assist the Mexican exporting business sector through the country’s Foreign Trade Bank (Bancomext), one of the most effective institutions of its type.
CAF’s commitment as resource catalyst to fulfil its countercyclical role in mitigating the effects of the health and economic crisis by supporting the financial and productive sector materializes through its member countries’ national development banks, helping them inject their exports sectors with capital, in an effort to boost up the drivers of integration and economic growth in the region.
During the first half of 2020, the bank has allocated credit lines—through Bancomext—in the amount of USD 200 million to Mexico, in an effort to fund steel and automotive exporting companies. Since 2019, CAF’s partnership with the Mexican institution has also favored the textile, food and other sectors with export capacity with up to USD 500 million, boosting the effective marketing of Mexican products worldwide.
The alliance has provided a timely response to the exporting sector’s work capital and investment needs. In this way, the financial instruments offered by CAF and Bancomext are generating incentives to provide new credits and play a countercyclical role in driving the recovery of economic activity.
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