Bancomext raises $600 million to face COVID-19

Bancomext, a state-owned bank and export credit agency in Mexico, has obtained a USD 600mn credit facility from a syndicate of international banks that will support its response to COVID-19.

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.

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 (as reported by Squire Patton Boggs).

Law firms Squire Patton Boggs and Rodríguez Dávalos Abogados acted as legal advisers to Bancomext and Norton Rose Fulbright were legal advisers to Banco Santander, SA.

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