ANNOUNCEMENT 08 Dec 2014In December 2014, the government of Mexico announced a change in private-sector financial support.
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Bancomext Press Release in Spanish:BANCOMEXT OTORGAR? CR?DITO POR 91.5 MDD PARA DESARROLLAR NAVES INDUSTRIALES DE AUDI.
On 8 December 2014 the National Foreign Trade Bank (Bancomext) announced the signing of a loan agreement with the German manufacturer Audi. The monetary value of the loan agreement is USD 91.5 million and its scope is to finance the development of the industrial buildings of the " AUDI Project" in 2015 in Mexico. The duration of the loan is set to a 10-year long period. Furthermore, the loan provided by Bancomext will cover 75 percent of the total investment ammount revolving around the "AUDI Project" in 2015.
The "AUDI Project" in 2015 is designed to be established in some of the most marginalized areas of Mexico such as San José Chiapa and Puebla. Furthermore, according to official sources of Bancomext, the plant of the "AUDI Project" in 2015, will represent the most modern plant in Mexico, as well as, is designated to from 2016, manufacture 150 thousand units of the new model generation Audi Q5. Furthermore, the project is also expected to create 3.800 new direct employments. The industrial buildings of the "AUDI Project" in 2015 are to be developed from O'Donnell and AIG Real Estate Group.
The GTA includes state guarantees and other financial incentives that are likely to affect the restructuring and performance of firms facing international competition, whether from imports, in export markets, and from foreign subsidiaries.