Contacts: In Washington: Gabriela Aguilar (202) 473-6768 gaguilar2@worldbank.org In Mexico City: Mireya Olivas (+52) (55) 5480-4244 molivas@worldbank.org Washington, January 17th, 2008 – The World Bank Board of Directors approved two projects today for Mexico, totaling $51 million, which will contribute to an improvement in the quality of life of the country's rural communities. Out of that sum, $21 million will help extend a project financed by the multilateral agency which aims to enhance financial stability and the capacity of lending and credit institutions, especially those that cater to rural communities. The other $30 million are earmarked for an expansion in the usage of efficient and sustainable energy sources, also within rural areas ($15 million were donated by the Global Environment Facility). “Through these projects the World Bank assists the Mexican government's permanent efforts to expand opportunities and the quality of life of the most disadvantaged sectors, especially those that live in rural areas, and backs Mexico’s commitment to sustainable development”, said Axel van Trotsenburg, World Bank Director for Mexico and Colombia. Additional financing for the Savings and Rural Finance SAGARPA (Spanish for Agriculture, Livestock, Rural Development, Fishing and Food Secretariat) will mainly support the financial middlemen in the savings and popular credit sectors, so that these institutions provide lower-income citizens with an improved access to financial services, thus integrating them to the national economy. The US 21 million project will provide technical assistance to around 80 financial institutions throughout the country, and is looking for the incorporation of 400,000 new users to the formal rural financial sector, by means of 350 access points to financial services. For its part, the Integrated Energy Services Project of Mexico (US $ 30 million) will improve access to efficient and sustainable energy sources, mainly in rural communities, at the same time that it achieves a reduction in greenhouse gases through the use of renewable energy for electricity generation. The loan contemplates, among other features, investment in rural electrification sub-projects, which will be carried out by qualified service providers, as well as training and technical assistance to numerous government departments in order to increase the efficient use of electricity by means of investments and projects that possess a high development potential. ### For more information on theSavings and Rural Finance SAGARPA, please visit: http://web.worldbank.org/external/projects/main?pagePK=64283627&piPK=73230&theSitePK=338397&menuPK=338431&Projectid=P106682 For more information on theIntegrated Energy Services Project of Mexico, please visit: http://web.worldbank.org/external/projects/main?pagePK=64283627&piPK=73230&theSitePK=338397&menuPK=338431&Projectid=P088996 If you wish to learn more about the World Bank’s work in Mexico, please visit: http://www.bancomundial.org.mx |
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