Squire Patton Boggs team represented Banco Nacional de Comercio Exterior, S.N.C. Institución de Banca de Desarrollo (Bancomext) in the transaction.
Banco Nacional de Comercio Exterior, S.N.C. Institución de Banca de Desarrollo (Bancomext), a Mexican state-owned bank and export credit agency, obtained a US$600 million credit facility from a syndicate of international banks.
The facility will contribute to Bancomext’s broader COVID-19 response programs, while supporting its funding strategy amid a sharp contraction in export revenues, which account for nearly 40% of Mexico’s GDP.
Guaranteed by the Multilateral Investment Guarantee Agency (MIGA), a member of the World Bank Group and an international financial institution offering credit enhancement guarantees and political risk insurance, the loaned funds will be used by Bancomext to support an emergency liquidity program launched in response to the COVID-19 pandemic. It will also provide working capital to companies across key exporting sectors of the Mexican economy, including the automotive, aeronautic, transport and logistics, tourism, manufacturing, construction and agriculture industries.
Bancomext was established in 1937 with the objective of financing and promoting Mexico’s foreign commerce.
The Squire Patton Boggs team advising Bancomext was led by Alvaro J Mestre and included Jim Schneider, Angela Mariana (Manana) Freyre and Clay Porter.
Law Firms: Squire Patton Boggs;
Clients: Bancomext SA;