>@David Yormesor/EIB

The European Investment Bank (EIB) has signed a Memorandum of Understanding (MoU) with Nacional Financiera (NAFIN), one of Mexico’s leading development banks, demonstrating the intention of both institutions to work more closely together to support economic development priorities in Mexico. The MoU provides a general framework to strengthen the cooperation and collaboration between the EIB and NAFIN in matters of common economic interest.

EIB and NAFIN are cooperating to potentially set up a credit line aimed at supporting projects combatting the effects of climate change, in particular renewable energy projects in Mexico, such as photovoltaic plants and wind farms. 

EIB Vice-President, Román Escolano, is in Mexico to meet with the Mexican Government, in particular the Ministries of Finance, Energy and Transport, NAFIN, as well as Banobras, and Bancomext. During his visit, Vice-President Escolano will also meet the Head of the EU Delegation in Mexico City and representatives of other International and European Financial Institutions (IADB, WB, CAF, KfW and AFD) to discuss joint collaboration opportunities in Mexico.

Román Escolano, European Investment Bank Vice-President responsible inter alia for operations in Latin America said: “This Memorandum of Understanding is the first step in a promising partnership between the EIB and NAFIN, targeting new joint investment opportunities in Mexico. By developing a knowledge sharing mechanism and establishing regular high-level consultations, we will be able to work efficiently on strategically important projects. During my meetings with the Mexican Government and three development banks this week, we will identify new areas of cooperation which will benefit Mexico and its population. At the EIB we are very committed to increasing our activity and enhancing cooperation in Mexico.”

Jacques Rogozinski, General Director of NAFIN said: "The signature of this Memorandum of Understanding with the EIB represents a great opportunity to promote collaboration between both institutions, mainly in a topic that has become of special relevance to NAFIN: sustainable development. Working together with the EIB in renewable energy projects, and sharing experiences and best practices on this area, will allow NAFIN to support the Federal Government’s climate change goals and international commitments. I am confident that this partnership will help us further NAFIN’s green financing strategy and efforts, and that the results will be of great benefit to the country".

NAFIN is one of Mexico’s development banks, fully owned by the Mexican government. NAFIN’s mission is to contribute to the economic development of the country through facilitating the access of SMEs and entrepreneurs to financing and other services for business development, as well as supporting priority projects of the Federal Government, including clean and renewable energy projects. NAFIN is key to promoting the Mexican government’s policies for expanding economic and social development in Mexico with the primary objective of generating jobs and regional growth by strengthening and modernizing SMEs.

With EUR 75 billion of investments in 2016, the EIB, the Bank of the European Union, is the largest international financial institution in the world and approximately 10% of its lending and financing target is to the benefit of partners outside of the European Union.

The European Investment Bank has supported development and economic activity in Latin America with loans and equity investments worth EUR 7 billion since its first operation in the region in 1993. In Mexico, the EIB has provided a total of EUR 562 million to projects, including in the energy and small business sectors and industry.