The Export-Import Bank of the United States (US Ex-Im) and Mexico’s national development bank for public works and services (Banobras,) have signed a memorandum of agreement for US Ex-Im to provide up to US$1bn in financing for Mexico’s national infrastructure programme (NIP.)
US Ex-Im chairman and president Fred Hochberg and Banobras director general Alonso Garcia Tamés signed the memorandum at a ceremony held at Banobra’s Santa Fe headquarters during Hochberg’s six-day visit to Mexico to promote trade relations with the US.
Mexico’s launched the NIP to improve and expand infrastructure in the transportation, energy and utility sectors, including hundreds of highway, airport, railway, seaport and telecommunications projects, as well as a range of energy projects including electricity and extending into renewable energy technologies such as water and wind power.
“We look forward to Mexico’s use of US Ex-Im financing to buy high-quality US goods, services and technology to support Mexico’s infrastructure development programmes,” Hochberg says. “This latest step in the long-standing close relationship between our two countries will support growth both in Mexico’s economy and in US jobs.”
The signing of the memorandum confirms Mexico’s place as US Ex-Im’s biggest customer, with the bank’s current outstanding exposure to Mexico at US$7.1bn.
In 2009, the bank authorised US$1.7bn in loans, guarantees and insurance to support US exports to Mexico, including US$900mn in long-term direct loans to support exports, worth over US$1bn, of oil and gas equipment from hundreds of companies across the US to Petroleos Mexicanos.
This comes after US Ex-Im authorised a US$9.9bn in loans, guarantees and insurance during the first quarter of fiscal year 2010.
Last Updated March 02, 2010
Reader Comments