EIB and NAFIN sign $100 million loan to support climate actions in MexicoStaff Writer | November 2, 2017
The European Investment Bank (EIB) and Nacional Financiera (NAFIN), one of Mexico’s leading development banks, have signed a $100 million loan to support climate action projects in Mexico.
LatAm Leading development banks
The development of wind energy in Mexico supports national targets for renewable energy generation and contributes to the Bank’s Renewable Energy and Energy Efficiency and Climate Action objectives.
This new loan was signed following the signature of a Memorandum of Understanding (MoU) in March this year, setting out to strengthen the cooperation and collaboration between the EIB and NAFIN.
Nacional Financiera (NAFIN) is one of Mexico’s development banks, fully owned by the Mexican government.
NAFIN’s mission is to contribute to the economic development of the country through facilitating the access of SMEs and entrepreneurs to financing and other services for business development, as well as supporting priority projects of the Federal Government, including clean and renewable energy projects.
NAFIN is key to promoting the Mexican government’s policies for expanding economic and social development in Mexico with the primary objective of generating jobs and regional growth by strengthening and modernizing SMEs.
With EUR 75 billion of investments in 2016, the EIB, the Bank of the European Union, is the largest international financial institution in the world. It dedicates some 10% of its lending and financing to support investment projects outside of the European Union.
The European Investment Bank has supported development and economic activity in Latin America with loans and equity investments worth EUR 7 billion since its first operation in the region in 1993.
In Mexico, the EIB has provided a total of EUR 646 million to projects, including in the energy and small business sectors and industry. ■