IFC Commits $22.5m to Mexican Developer

The IFC has made its first ever housing development investment by taking a 10.6% stake in Vinte, a Mexican low income housing developer, for $10m. The multilateral also lent Vinte $12.5m through a 7-year revolving credit line. “We originally started in this sector by helping Sofoles with capital market financings,” Marcos Brujis, IFC Senior Manager for Mexico and Central America, tells LatinFinance. “The next stage in our strategy is financing directly the construction sector, which involves a greater risk than our previous financings.” Vinte, a privately held company, caught the eye of the IFC for its environmentally and socially sustainable practices that include strict standards on use of neighborhood space, efficient water and energy usage technology and hi-tech communication facilities within the homes. The IFC seeks to provide financing to companies that lack access to the bank and capital markets.