MEXICO CITY Ė Banco de Comercio Exterior (Bancomext) said it signed a memorandum of understanding this weekend with Japanís Mizuho for the creation of a line of credit for Japanese companies investing in Mexico.
The memorandum was signed on Friday by Bancomext chief Francisco Gonzalez Diaz and Mizuhoís Hiroyuki Hibino.
The peso-denominated line of credit would provide Japanese companies with both short- and long-term financing for projects in Mexico.
The two financial institutions agreed to start taking the steps to analyze the creation of the line of credit, Bancomext said.
Mizuho Bank, the third-largest bank in Japan, launched multi-bank operations in Mexico in March, serving Japanese companies doing business in the country by providing commercial loans and other services.
Mizuhoís focus is on the automotive industry, especially on giant automakers Nissan, Toyota, Mazda and Honda, as well as their suppliers.
Bilateral trade between Mexico and Japan totaled $21.52 billion in 2016, with Mexico accumulating a deficit of $13.98 billion.
A total of 1,111 Japanese companies, including Toyota, Nissan, Honda and Sony, currently operate in Mexico.