The Inter-American Development Bank (IDB), a US-based multilateral finance institution that operates in Latin America and the Caribbean, recently committed USD 250 million in loan funding for rural Mexico. IDB is opening the credit line for Financiera Nacional de Desarrollo Agropecuario, Rural, Forestal and Pesquero (FND), a government-backed agricultural development bank, with the government of Mexico acting as guarantor. The objective “is to help raise agricultural productivity, increase rural financial inclusion, improve environmental sustainability, and enhance climate resilience.” The funding is part of a plan to invest USD 1 billion in similar efforts in the country.
Established in 2002 by the Mexican government, FND offers programs in areas such as supporting growers of sugar cane, funding fisheries, promoting economic diversification and encouraging the development of alternative energy sources.
IDB, which was established in 1958, is a multilateral finance institution focused on promoting economic development in Latin America and the Caribbean. During 2018, IDB issued USD 14.2 billion in loans and guarantees, reaching USD 93 billion in total loans outstanding and generating USD 752 million in operating income.
Sources and Additional Resources
IDB press release
https://www.iadb.org/en/project/ME-L1290
IDB homepage
https://www.iadb.org
IDB project resolution
https://www.iadb.org/Document.cfm?id=EZSHARE-965128629-48570
FND homepage
https://www.gob.mx/fnd
MICROCAPITAL BRIEF: Development Bank of Jamaica Opens $50m Credit Line from IDB to Promote Sustainable Growth Among Startups, Existing MSMEs: Development Bank of Jamaica Opens $50m Credit Line from IDB to Promote Sustainable Growth Among Startups, Existing MSMEs
https://www.microcapital.org/microcapital-brief-development-bank-of-jamaica-opens-50m-credit-line-from-idb-to-promote-sustainable-growth-among-startups-existing-msmes/
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