Mexican state development bank Banco Nacional de Comercio Exterior, S.N.C. (Bancomext) has the mission to encourage the involvement of local companies, especially SMEs, in international markets through loans, technical assistance and training. Among its functions, the bank finances the export business and boosts the development of exporter SMEs. The bank provides a range of financial services, including import and export letters of credit, equity funds and financing (loans for investment and equipping projects). Bancomext was founded in 1937 and is headquartered in Mexico City. In 2015 Bancomext announced it was preparing to finance oil and gas projects in the country. It is already financing renewable energy and natural gas pipeline projects as well as firms supplying state-owned oil company Pemex.