Bancomext loan increase of 70% under current administration

National Foreign Trade Bank (Bancomext) has increased its loans by 70 percent during the new administration period, according to general director, Enrique de la Madrid.

During the recent Business Summit, Bancomext said they were “Adapting to the financial services and needs of industry growth in Mexico,” and adds this growth is due mainly to the freedom of self-management and service specialization of the bank.

Madrid stressed that the Bancomext is currently specializing in the rapidly increasing sectors such as automotive, tourism, infrastructure and renewable energy; all industries that continue to show growth.

De la Madrid explains that Bancomext must continue with the policies of President Enrique Peña Nieto of providing more loans with cheaper rates and longer terms to support social programs for employment generation and poverty alleviation.

In a public statement, Madrid also explained that Bancomext should be more accessible and have autonomy to manage their home countries with more flexibility in their products. He adds that such flexibility is essential to “bankable” companies, which is necessary in the sectors where Mexico’s comparative advantages are, for example, “where we are better.”

Mexico’s economy begins to grow at higher rates, “not 5.0 but 7.0 percent” in order to create the jobs the country needs.