23 May 2019

NIB and Bancomext finance renewables in Mexico

NIB and Mexico’s National Bank of Foreign Trade (Bancomext, Banco Nacional de Comercio Exterior) have signed an agreement for a 15-year financing facility, totalling USD 50 million (EUR 44.8 million), for projects of interest to Mexico and NIB’s member countries, particularly in renewable energy.

The funds under the loan programme will be onlent to projects that are in line with NIB’s eligibility criteria and have a substantial potential for cooperation between businesses in Mexico and the Nordic–Baltic region. The preliminary pipeline includes projects in wind and solar energy production.

The relationship between Bancomext and NIB dates back to 1995, when Mexico’s Finance and Public Credit Ministry appointed Bancomext as the institution in charge of carrying out the first operation financed with resources from NIB in Mexico.

Bancomext allocated a total of EUR 86 million in NIB’s loan programmes agreed in 1995, 1997 and 2003. NIB-financed loans were provided to projects in the production of chemicals, the textile industry, procurement of buses, Nordic supplies for safe oil drilling, and in other industries.

“We are pleased to continue our cooperation with Bancomext. This joint effort will provide long-term financing to larger projects and support mutual business interests ”, says Henrik Normann, NIB President & CEO.

About Bancomext:

Banco Nacional de Comercio Exterior (Bancomext) is the Mexican Government foreign trade bank, whose main objective is to promote the financing of foreign trade and currency generation, and enhance the productive capacity of exporting enterprises, through quality care of clients with financing, guarantees, and other specialized services. For more information, please visit: www.bancomext.com

NIB is an international financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. The Bank finances private and public projects in and outside the member countries. NIB has the highest possible credit rating, AAA/Aaa, with the leading rating agencies Standard & Poor’s and Moody’s.

For further information, please contact

Ms Marjo Harri, Senior Director, Head of FI & SME, at +358 10 618 0227, marjo.harri@nib.int

Ms Lisa-Maria Altenberger, Communications Officer, at +358 10 618 0234, lisa-maria.altenberger@nib.int