The Latin American Development Bank CAF signed with the Federal electricity commission (CFE) an uncommitted revolving credit line contract for 200 million dollars to meet its short and medium term financing needs.
“This credit is part of the set of tools to support the economic reactivation of the member countries that CAF has put at the service of Mexico; in this particular case, through support to the CFE, which acts as a leader in the provision of the public electric power service in the country, in order to contribute to its financial sustainability,” he said. Sergio Diaz-Granadosexecutive president of CAF.
This operation is part of a CAF regional countercyclical facility aimed at companies that provide public services, in this case the electric power, aimed at meeting borrowers’ working capital financing needs within the framework of the economic reactivation of Latin America and the Caribbean. The aforementioned Credit Line will help the CFE not to commit necessary resources for the development of energy infrastructure, critical for Mexico as a key element to boost the country’s economic growth, explained the development bank.
Likewise, the relationship between CAF and the CFE is also evidenced by the support recently provided by CAF to the productive company through non-reimbursable technical cooperation resources for US$200,000 to develop its technology adoption strategy and demonstration projects for storage systems. energy, a technological option increasingly used to balance the changes between supply and demand of energy and give flexibility, reliability and stability to electrical systems.
Mexico was the first non-Andean country to join CAF as a Series C shareholder in 1990, when the presidents of the Andean Community invited the member countries of the Latin American Integration Association (ALADI) to form part of the bank. Since then, the institution has supported the venture capital industry in Mexico through investment in funds, with an emphasis on promoting the entrepreneurial ecosystem and business development for small and medium-sized companies.
CAF has drawn up a strategy in Mexico prioritizing initiatives to support projects for the economic development of the south-southeast region of the country; promote and strengthen private investment, the mobilization of resources from the private sector and financial allies for development and public-private association schemes, and identify mechanisms to channel financing to states and municipalities to promote local productive public investment, according to CAF .
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