Innovative loan program will allow FOMEPADE to help finance home improvements and new housing for state and municipal workers
The Inter-American Development Bank (IDB), through its Opportunities for the Majority Sector, approved a loan of up to MXN$84 million (approximately US$6.7 million) to FOMEPADE, a Mexican non-banking financial institution, to provide financing through payroll deductions to enable an estimated 80,000 public employees to obtain access to financing for housing improvements and new construction on land already owned by the client. FOMEPADE will work with private homebuilders, certified by CONAVI (Mexico´s Federal Housing Institute), to identify appropriate high-quality, low-cost solutions.
About the Opportunities for the Majority
Opportunities for the Majority promotes and finances market-based, sustainable business models that bring together companies, local governments, and communities in developing and supplying quality products and services to people at the base of the socio-economic pyramid in Latin America and the Caribbean.