The Mexican Foreign Trade Bank (Bancomext) invested 19.92 billion pesos (US$1.91 billion) to support export-related activities between January and May, which represents a 24% increase of its annual programme. Of the total spending, 17.97 billion pesos (US$1.72 billion) were used for credit and 1.95 billion pesos (US$186.85 million) were earmarked for guarantees and insurance.
Some 91% was channelled directly to exporters and the rest was used to stimulate the integration of the productive chains through financing companies that sell their products indirectly or through providers.
The amount used for direct credit to the private sector increased 18% year-on-year, the bank reported. Of this total, 75% was channelled to cover businesses' short-term financing needs and the rest was used for long-term financing.
