Bank lines up US$10bn Mexico infra financing

Wednesday, December 10, 2014

Spain's Santander group has doubled the amount of funds it had originally earmarked for investment in infrastructure projects in Mexico over the next four years.

Santander will line up US$10bn in financing, Mexican paper El Economista reported, citing the banking group's head, Ana Botín.

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The news comes as the impact of the country's reforms, including sweeping changes to the hydrocarbons and electric power sectors, starts to be felt.

The group will also provide another US$5bn to finance small and medium-sized businesses.

For the bank, Mexico trails Brazil and the UK in terms of business volume, but "the goal is for Mexico to become No.1," Botín said.

This month Santander announced a US$10bn credit line for infrastructure project developers in Brazil.