CAF will reach 35% green financing in 2024
November 19, 2024
CAF and BBVA Bancomer of Mexico sign loan agreement to support Mexican microfinance institutions through a source of financing in local currency.
November 13, 2007
(Caracas, November 13, 2007).- The Andean Development Corporation and BBVA Bancomer of Mexico today signed in Caracas a loan agreement for 100 million Mexican pesos to establish a source of financing for CAF in that currency to support its Mexican clients, specifically microfinance institutions. The agreement was signed by Hugo Sarmiento, CAF vice president of finance, and Manuel Niembro and Guillermo Orozco, directors of BBVA Bancomer.
Hugo Sarmiento explained that this was the first agreement reached by CAF in the Mexican market in relation to local currency loans. "The Corporation normally obtains funds on the financial market through issues of paper or from international banks in dollars, euros and other currencies, so this operation in Mexican pesos is a new experience for the institution in the region."
The BBVA Bancomer representatives said that the signing of the agreement opened the way for the start of new operations in the near future. They added that instrumentation of this credit facility reaffirms CAF’s interest in stimulating the development of the microfinance sector in Mexico.
The main beneficiaries of this operation among the Corporation’s current clients in this sector will be banks and microfinance institutions. Implementation of the credit facility will provide an important sector of the Mexican economy with financing in local currency, while CAF will expand its already extensive range of financial projects.
About BBVA Bancomer BBVA Bancomer, the most important Mexican financial group, participates in the development and financing of the microfinance sector by supporting its operations because of the importance of stimulating the growth of projects with high social impact.
November 19, 2024
November 19, 2024
November 19, 2024