Banco Santander México receives 93 million dollars from the World Bank to support SMEs

2024-01-26 13:53:29

He world Bank has granted a credit guarantee for 93 million dollars (85.6 million euros) to Banco Santander Mexicowith the purpose of promoting the granting of loans to Mexican SMEs.

This guarantee granted to the Mexican subsidiary of Banco Santander has been granted through the International Financial Corporation (IFC), the vehicle through which the world Bank helps the private sector in emerging markets.

Specifically, the instrument used is a “synthetic risk transfer”, designed to reduce regulatory capital charges on loans granted.

Juan Gonzalo Flores, the head of the IFC for Mexico, has pointed out that “According to a recent report by Banco de México, only 36.6% of companies with less than 100 employees have access to financing from commercial banks. With innovative transactions like this, Banco Santander Mexico and IFC contribute to building a better future for Mexican SMEs.”