IDB Invest facilitates SME financing in Mexico with CEMEX
- IDB Invest’s financing entails a revolving line of electronic factoring to CEMEX to help its suppliers more readily gain access to finance
IDB Invest, the private sector institution of the Inter-American Development Bank (IDB) Group, finances the supplier financing program of the Mexican company CEMEX, S.A.B. of C.V. (CEMEX) with up to 975 million Mexican pesos (equivalent to $50 million).
This operation helps to close the financing gap of CEMEX’s financing program, providing capital at competitive terms to its suppliers, mainly small and medium-sized enterprises (SME) in Mexico.
IDB Invest’s financing consists of a revolving line of electronic factoring to CEMEX’s suppliers. Factoring programs like this one are used as an alternative financing for SME in Mexico. With this financing, it is expected that approximately 330 SME will access this type of program for the first time.
The program is implemented through the online platform of E Factor Network, a Mexican technology company, which allows CEMEX suppliers to access financing in competitive terms more readily. The electronic processing of all operations also allows for reducing transaction costs and times to companies.
About IDB Invest
IDB Invest, the private sector institution of the Inter-American Development Bank (IDB) Group, is a multilateral development bank committed to supporting Latin America and Caribbean businesses. It finances sustainable enterprises and projects to achieve financial results that maximize economic, social and environmental development for the region. With a current portfolio of $11.2 billion under management and 330 clients in 23 countries, IDB Invest works across sectors to provide innovative financial solutions and advisory services that meet the evolving demands of its clients. As of November 2017, IDB Invest is the trade name of the Inter-American Investment Corporation.
CEMEX is a global materials company for the construction industry that offers high quality products and reliable services to clients and communities in more than 50 countries. CEMEX continues its trajectory of benefiting those it serves through innovative construction solutions, efficiency improvements and efforts to promote a sustainable future.
About E Factor Network
E Factor Network is a technology company with the best financial support and customer service. E Factor Network is a Mexican company that provides electronic financing to the supply chain through its multi-currency web platform, supporting suppliers located in Mexico and / or abroad in more than 20 countries, through funding sources national and foreign, with more than 10 years of experience in the market. Directed by Héctor de la Garza, with offices located in Monterrey, Mexico City and Bajío