WASHINGTON, September 9, 2008- The following project was approved today by the World Bank’s Board of Executive Directors: IDA Credit: US$50 Million TERMS: Maturity = 15 years; Grace= 15 years Project Description: The second additional financing will assist the Mexican Government in strengthening savings and credit institutions in the rural sector. The additional financing comes about as support to the Public Saving and Credit Law approved in 2001. The Law combined legal and regulatory reforms with public investment to create and strengthen the capacity of the savings and credit institutions in the rural sector, as well as the regulatory agencies that supervise them. Currently, the World Bank supports Mexican authorities in this area through the Savings and Rural Finance Project, which is now in its second phase of implementation. The US$50 million will be spent to close the financial gap that arose in the first phase of its implementation. Media Contact: Stevan Jackson (202) 458 5054 Sjackson@worldbank.org For more project information please visit: http://web.worldbank.org/external/projects/main?pagePK=64283627&piPK=73230&theSitePK=40941&menuPK=228424&Projectid=P111839 |
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