Mexico seeks 100 mln euro credit line to boost exports

MEXICO CITY, April 29 (Xinhua) -- Mexico's National Exterior Commerce Bank (Bancomext) said Sunday it is in the process of securing a line of credit for 100 million euros from the European Investment Bank (EIB) to support Mexican exporters.

The application process began in Luxemburg, where the EIB, the European Union's (EU) lending agency, is headquartered, Bancomext said in a statement.

Bancomext said it also signed a memorandum of understanding with state-run Dutch firm Atradius, which offers trade credit insurance and collection services, to bolster cooperation schemes in trade and investment between Mexico and the Netherlands.

"With both accords, Bancomext confirms Mexico's willingness to strengthen ties with European countries in measures that lead to the development and strengthening of the Mexican business community," said Bancomext.

The accords were announced just days after Mexico and the EU reached an agreement in principle on trade and investment matters on April 21, as part of the modernization of their free trade agreement.

The Mexico-EU trade deal, in effect since 2000, has been under review since June 2016, when the first round of negotiations began in Brussels, Belgium.

Mexico has been looking to diversify its export markets since U.S. President Donald Trump took office, touting protectionist measures and instigating the renegotiation of the three-party 1994 North American Free Trade Agreement (NAFTA), which also includes Canada. Enditem