The International Finance Corporation (IFC) of the World Bank has granted a US$100-million credit line to Grupo Financiero Banorte to support small and medium-sized enterprises (SMEs) in the export sector.
Othуn Ruiz Montemayor, director general of Grupo Financiero Banorte, said the credit would benefit more than 400 companies with investment projects of up to 12 years and with attractive costs, as well as providing the companies with the resources to help them confront competition in foreign and domestic markets.
The IFC will hand over the money in two stages. The first will be an immediate payment of US$50 million, which will be used up within around six months. The second payment will be made once the previous funds have been exhausted.
