México City/ Washington, D.C., June 6, 2012
—IFC, a member of the World Bank Group, launched its first supplier-finance facility, providing Mexico’s food retailer Tiendas Comercial Mexicana, or TCM, with a credit line to enable its small and midsize suppliers to access up to $100 million in financing.
Through the new IFC Global Trade Supplier Finance program, more than 400 small and medium enterprises that are TCM suppliers will be able to receive faster payments for goods they deliver to the retailer. Under the program, they can use receipts for their goods to obtain immediate payment from IFC. TCM will reimburse IFC within a short period. This provides working capital directly to the suppliers.
IFC’s financing will be implemented through PrimeRevenue, a supply-chain finance platform, and its local reseller in Mexico, E-Factor Network.
“The implementation of this program is an important step in our continued effort to strengthen and support our loyal suppliers, who represent an essential part of our business,” said José Calvillo Golzarri, Chief Financial Officer of TCM. “This facility will contribute to
improve the competitiveness of the local economy and the financial sustainability of the overall retail supply chain in Mexico.”
Oscar Chemerinski, IFC Director for Manufacturing, Agribusiness, and Services in Latin America, Africa, and Caribbean, added: “Through this relationship with Tiendas Comercial Mexicana, IFC is able to provide financial support to the company’s supply chain. Our first supplier-finance facility will promote broader access to finance for a large number of Mexican suppliers, especially to small and medium enterprises that are often underserved.”
The $500-million IFC Global Trade Supplier Finance program is a joint investment and advisory initiative that provides short-term finance in multiple currencies to emerging-market suppliers and small and midsize exporters. Under the program, IFC also helps banks that offer supply chain financing increase their presence in emerging markets.
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets. In fiscal 2011, amid economic uncertainty across the globe, we helped our clients create jobs, strengthen environmental performance, and contribute to their local communities—all while driving our investments to an all-time high of nearly $19 billion. For more information, visit
About Tiendas Comercial Mexicana