The World Bank (WB) will lend US$150 million to Banco Mercantil del Norte (Banorte), the Mexican bank said on Monday.

As part of the loan's terms, WB subsidiary the International Finance Corporation (IFC) has the right to buy an amount just short of 5 percent of Banorte's shares by value, the bank said in a statement.

The agreement has been ratified by Banorte's board of directors, it added.

The lending has to be approved by the National Banking and Securities Commission (CNBV) of Mexico.

The IFC lends money and stocks to private companies in developing nations as well as providing consultation services to them.

The Mexican government recently has got a loan from the WB to help it combat climate change.

(Xinhua News Agency October 27, 2009)