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Garza: “Everyone wins when Mexicans have access to global commerce. The grants we are issuing today to Mexican banks and farm finance institutions are important steps towards our goal of bringing the benefits of the marketplace to small and mid-size farmers, businessmen, and entrepreneurs.”
Mexico City, April 28, 2006 – The United States issued grants totaling more than US$1.5 million to the Banco del Ahorro Nacional y Servicios Financieros (BANSEFI) to promote financial literacy, and to Financiera Rural, a major lender to rural communities, to promote agricultural finance for small farmers. “By giving Mexicans more access to credit and other financial services, these projects will improve Mexico’s commitment to ensure that small and mid-sized businesses and entrepreneurs can fully participate in the country’s economy and enjoy the benefits offered by the North American Free Trade Agreement, said U.S. Ambassador Garza.”
U.S Trade and Development Agency Director Thelma J. Askey and Banco del Ahorro Nacional y Servicios Financieros Executive Director Javier Gavito signed the financial literacy grant agreement for over $697,000 dollars, during a ceremony at the bank’s Mexico City office. Ms. Askey and Financiera Rural Chief Executive Officer Dr. Jose Antonio Meade signed the agricultural grant agreement for over $847,000 dollars at his organizations’s Mexico City office during a separate ceremony.
“The grant to Financiera Rural will be used to teach loan officers the skills the need to make lending decisions. Our grant to the Banco del Ahorro Nacional y Servicios Financieros will bring financial literacy to the low-income families who need it most. We have modeled this project on the Federal Deposit Insurance Corporation’s very successful ‘Money Smart’ program. Each year, Mexicans working in the United States send US$ 20 billion home to Mexico. With the proper training, their families can use that money for education, a prosperous retirement, and small business expansion,” added Garza.
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