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Washington, D.C., April 18, 2007
—IFC, the private sector arm of the World Bank Group, today announced that Monex Financiera is the first financial institution in Mexico to join its Global Trade Finance Program as an issuing bank.
The IFC Trade Finance program promotes trade with emerging markets worldwide by supporting flows of goods and services to and from developing countries. Through the program, IFC provides guarantee coverage of bank risk in emerging markets, allowing recipients to expand their trade finance transactions within an extensive network of countries and banks, thus enhancing their trade finance coverage.
Atul Mehta, IFC’s Director for Latin America and the Caribbean, said, “IFC’s program will allow Monex Financiera to provide more efficient trade solutions for its clients, especially small and medium enterprises in Mexico.”
IFC’s program will enable Monex to double its trade transactions—mostly import letters of credit—in less than a year. It will also help Monex provide a wider range of trade finance services to its clients, mainly in the middle-income market segment.
Jorge Garza Adame, Monex Financiera’s CEO noted, “We are delighted to be the first financial institution in Mexico to join IFC’s Global Trade Finance Program. Participating in the program will help us build a strong relationship with IFC and provide our customers with better access to new markets in the region.”
The agreement with Monex was signed in Washington, D.C., during IFC's 3rd Annual Trade Finance Seminar, an industry event that drew over 100 bankers specializing in trade finance. Antonio Alves is the IFC trade specialist for Latin America and the Caribbean.
About IFC Global Trade Finance Program in Latin America
IFC has issued $166 million in guarantees for five countries in Latin America (Argentina, Bolivia, Brazil, the Dominican Republic, and Ecuador) since the Global Trade Finance Program was launched in the region in February 2006. The highest volume corresponds to pre-export financing in Brazil, followed by a similar financing structure in Argentina. One-third of the guarantees issued supported small and midsize businesses and South-South trade flows (exports/imports between emerging countries). The main industries covered through the program in Latin America are agribusiness, automotives, consumer goods, industrial goods, oil and gas, telecommunications, and textiles.
About IFC
IFC, the private sector arm of the World Bank Group, promotes open and competitive markets in developing countries. IFC supports sustainable private sector companies and other partners in generating productive jobs and delivering basic services, so that people have opportunities to escape poverty and improve their lives. Through FY06, IFC Financial Products has committed more than $56 billion in funding for private sector investments and mobilized an additional $25 billion in syndications for 3,531 companies in 140 developing countries. IFC Advisory Services and donor partners have provided more than $1 billion in program support to build small enterprises, to accelerate private participation in infrastructure, to improve the business enabling environment, to increase access to finance, and to strengthen environmental and social sustainability. For more information, please visit
www.ifc.org
.
About Monex Financiera
Founded in 2004, Monex Financiera is part of a larger financial group, Monex Grupo Financiero, which focuses primarily on foreign exchange, investment products, and trade finance services. Monex operates in 42 cities throughout Mexico, but all of the company’s trade finance activities are centralized at its headquarters in Mexico City. For more information, visit
www.monex.com.mx
.
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