The Inter-American Development Bank (IDB) and a major Mexican business lobby announced yesterday a program to provide up to US$12bn in loans a year to small and medium-sized businesses in the country to help deal with the coronavirus crisis.
IDB Invest, the group's private sector arm, and the Mexican Business Council (CMN), a lobby representing the country's top business magnates, said in a joint statement the plan was supported by Mexico's finance ministry and aimed to help some 30,000 firms.
The accord sought to build a US$3bn program in reverse factoring lines of credit that would complement schemes that IDB Invest already runs in Mexico, the statement said.
Via a revolving credit averaging 90 days in duration, annual financing of up to US$12bn in either Mexican pesos or dollars would be made available, it added.
