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DOF: 03/12/2025

INSTITUTIONAL PROGRAM OF Nacional Financiera, S

At the margin, a seal with the National Coat of Arms, which says: United Mexican States.- Treasury.- Ministry of Finance and Public Credit.-

Nacional Financiera.

INSTITUTIONAL PROGRAM OF NACIONAL FINANCIERA, S.N.C., I.B.D. 2025-2030

1.- Index

2.- Acronyms and Abbreviations

3.- Identification of the source of resources for the Program

4.- Legal basis

5.- Diagnosis of the current situation and long-term vision

6.- Objectives

7.- Strategies and lines of action

8.- Indicators and targets

2.- Acronyms and Abbreviations

ESG: Environmental, Social, and Governance

AIFA: Felipe Ángeles International Airport

BANCOMEXT: National Bank of Foreign Trade, S.N.C., I.B.D.

CIIT: Isthmus of Tehuantepec Interoceanic Corridor

USA: United States of America

ENAPROCE: National Survey on Productivity and Competitiveness of Micro, Small, and Medium Enterprises

ENOE: National Employment Survey

SWOT: Strengths, Opportunities, Weaknesses, and Threats

I.B.D.: Development Banking Institution

ICAP: Capitalization Index

FDI: Foreign Direct Investment

IFB: Banking Financial Intermediaries

IFNB: Non-Banking Financial Intermediaries

INEGI: National Institute of Statistics and Geography

LFEP: Federal Law of Parastate Entities

mdp: Millions of pesos

MSMEs: Micro, Small, and Medium Enterprises

NAFIN: Nacional Financiera, S.N.C., I.B.D.

OECD: Organization for Economic Cooperation and Development

WTO: World Trade Organization

GDP: Gross Domestic Product

PND: National Development Plan

PRONAFIDE: National Program for Development Financing

S.N.C.: National Credit Society

SOFOM: Multiple-Object Financial Society

USMCA: Agreement between the United Mexican States, the United States of America, and Canada

UE: Economic Units

VAEMG: Value Added of Global Manufacturing Exports

3.- Identification of the source of resources for the Program

Nacional Financiera, in its capacity as an Entity of the Federal Public Administration Parastate, Majority State Participation Company, and National Credit Society, is established as a Coordinated, Non-Supported Entity with Indirect Control, whose own revenues are not included in the Revenue Law, and its expenditures do not form part of the total net spending.

In this sense, all actions considered in the Program, including those corresponding to its objectives, strategies, and lines of action, as well as inter-institutional coordination tasks for the implementation of said actions, their monitoring, reporting, and accountability, will be carried out using resources approved for the spending executors participating in the Program, in the Federal Expenditure Budget Decree for the respective fiscal year, always adhering to the principles of the Federal Law of Republican Austerity.

4.- Legal basis

The Institutional Program of NAFIN 2025-2030 is supported by what is provided in article 2 of its Organic Law; in articles 2, 12, 17 fractions II, V, and VI, 22, 24, 26 Bis, 29, 30, and 31 of the Planning Law; 47, 48, 49, and 59 fraction II of the LFEP; 22 of the Regulation of the LFEP; 31, second paragraph of the Credit Institutions Law, and in concordance with the targets and strategies established in the PND 2025-2030 and in the PRONAFIDE 2025-2030.

Article 17, fraction II, of the Planning Law states that parastate entities must elaborate their respective institutional programs, under the terms provided therein, as well as in the LFEP or, if applicable, by the provisions regulating their organization and functioning, attending to the provisions contained in the corresponding sectoral program, observing insofar as relevant the respective environmental, economic, social, and cultural variables.

For its part, article 24 of the Planning Law establishes that the institutional programs that parastate entities must elaborate will be subject to the provisions contained in the PND and in the corresponding sectoral program, which, in the case of NAFIN, is PRONAFIDE, which contemplates the priority objectives and strategies, as well as the specific actions of the fiscal and financial sectors with the aim of ensuring the availability of resources, in accordance with articles 25 and 26 of the Political Constitution of the United Mexican States.

Likewise, article 48 of the LFEP provides that the Institutional Program constitutes the assumption of commitments in terms of targets and results that the entity must achieve. The Institutional Program must contain objectives, targets, and results, as well as the bases for evaluating actions; definition of strategies and priorities; the provision and organization of resources to achieve them; the expression of programs for the coordination of its tasks, as well as any possible modifications to its structures.

The Decree by which the National Development Plan 2025-2030 is approved, published in the Official Gazette of the Federation on April 15, 2025, establishes the guiding principles and guidelines that will govern the policies and actions of the Federal Executive, as well as of the dependencies and entities that make up the Federal Public Administration.

The PND 2025-2030 is articulated on four general axes and three transversal axes that structure public policy as a whole. These are:

General Axes:

1.- Governance with justice and citizen participation

2.- Development with well-being and humanism

3.- Moral economy and work

4.- Sustainable development

Transversal Axes:

1.- Substantive equality and women's rights

2.- Public innovation for national technological development

3.- Rights of indigenous and Afro-Mexican peoples and communities

These principles are the points of the new national consensus, which has as its center the conviction that national activity as a whole, the economic, political, social, and cultural, should not be oriented towards catching up with other countries, irrationally and uncritically multiplying production, distribution, and consumption, beautifying indicators, and much less concentrating wealth in a few hands, but towards the well-being of the population.

The Institutional Program of NAFIN 2025-2030 was designed under the criteria to elaborate, review, approve, and follow up on programs derived from the PND 2025-2030 and in line with the principles and strategies to promote inclusive development of the financial system contained in said plan and in the PRONAFIDE 2025-2030.

5.- Diagnosis of the current situation and long-term vision

Since 2018, with the start of the Fourth Transformation, the country has experienced important changes in political and economic matters.

The new governmental vision seeks the separation of political power from economic power, pursuing the common good and the reduction of high levels of corruption and inequality. It is an integral transformation of the country's public life for the benefit of all, particularly of the most vulnerable population.

More than six years into this process, Mexico maintains its macroeconomic stability, attraction of FDI, and public investment in various regions of the country with projects such as the Maya Train, the Felipe Ángeles International Airport (AIFA), the Isthmus of Tehuantepec Interoceanic Corridor (CIIT), and other works aimed at increasing the country's competitiveness, as well as continuing to be the first commercial partner of the United States of America (USA).

The new model is based on Mexican humanism, in which it is recognized that economic growth must be accompanied by well-being for all people and generate shared prosperity. As a reflection of the above, the increase in the minimum wage by 86.6% over the last six years in favor of the most unprotected stands out; also, support for MSMEs is recognized as fundamental, as they contribute 52% of GDP and generate 68% of employment.

Identifying the causes that continue to be an obstacle to the consolidation of MSMEs is fundamental in order to establish public policies for their benefit. In parallel, support for consolidated companies that generate direct and indirect employment and participate in Global Value Chains is of maximum priority to continue transforming Mexico into a reference for advanced manufacturing globally.

A solid, regulated financial system with incentives aligned to the country's industrial policy is fundamental to drive economic growth. With highly consolidated companies, skilled labor, and strong financial backing, it will be possible for MSMEs to have a higher probability of survival, incorporate into global value chains, and for Mexico's industrial system to attract higher technology processes that will result in greater value added and better jobs.

Development Banking, as a fundamental part of the financial system, must play a key role in supporting MSMEs and boosting foreign trade, particularly of the sectors mentioned in the PND 2025-2030 and the Mexico Plan: agroindustry, aerospace, automotive, and electromobility, pharmaceutical and medical devices, electronics and semiconductors, energy and clean energy, chemical and petrochemical, textile and footwear, circular economy, basic metal industries, paper industry, plastic industry, logistics, metalworking. Banks such as NAFIN and BANCOMEXT have been key in financing nascent markets with great future potential to open markets and generate confidence on the part of Commercial Banking.

Particularly, by its constitutional mandate, NAFIN plays a central role in boosting productive financing for the country, especially for the benefit of MSMEs. Over the last six years, through direct credit programs, second-tier lending, guarantees, and productive chain schemes, the institution managed to serve more than 500,000 companies per year on average, achieving an accumulated credit disbursement of over two trillion pesos. These actions allowed expanding access to financing, especially in strategic sectors, regions with less development, and priority value chains, thus strengthening financial inclusion and the competitiveness of Mexican MSMEs.

Maintaining the financial solidity of the Bank and the profitability of its capital is crucial to enhance its capacity to support Mexico's economic development. The strengthening of capital allows NAFIN to expand its credit portfolio, benefiting especially MSMEs, boosting strategic sectors according to the productive vocations of each region, promoting the integration of more national companies into global value chains, and supporting priority projects of the Federal Government.

NAFIN's basic capital went from 31,376 mdp in 2019 to 36,132 mdp at the close of 2024, with a Capitalization Index (ICAP) of 20.9%, higher than the regulatory minimum, reflecting a solid financial position that allows it to guarantee financing to Mexican companies in the coming years. It is indispensable to maintain sufficient capital to fulfill NAFIN's mandate.

A good strategy for attracting medium and long-term financial resources, local and international, is relevant to meet the needs of the Institution's operations and businesses in a timely manner; as well as to analyze and set the transfer price for current and future financial products at competitive market levels. Additionally, the boost to the sectors of the Mexico Plan will require NAFIN to resort to both national and international funding sources, as well as the negotiation of credit lines with multilateral financial organizations and international financial institutions. As part of the strategy, preference will be given to labeled financing with bonds whose use has environmental, social, and governance criteria.

NAFIN maintains an investment-grade rating with a stable outlook by rating agencies, highlighting adequate capital, funding, liquidity, and risk profile for a solid credit rating.

Starting from a macroeconomic analysis both international and local, this document mentions the main challenges and opportunities to drive the integral development of the industrial sector and promote its competitiveness, by incorporating more MSMEs into global value chains and supporting economic activities to promote job creation and increase productive capacity.

5.1- Economic Panorama

Since 2018, the trade war between the United States and China - motivated by technological tensions and growing concern over high dependence on critical inputs from Asia - marked a turning point in the organization of global value chains. In this context, the concept of nearshoring gained special relevance as a strategy to relocate production capacities closer to final consumption markets. For many companies whose main destination is the United States, Mexico emerged as a natural alternative thanks to its geographic proximity, its network of trade agreements, and its consolidated industrial base.

Subsequently, the COVID-19 pandemic, which generated a global GDP contraction of -2.9% in 2020, further evidenced the vulnerability of the production model highly concentrated in Asia. Prolonged closures in supplier countries, combined with logistical disruptions, revealed the risks of relying on distant and fragmented supply chains. As a result, the trend towards productive regionalization accelerated, reinforcing the attractiveness of destinations like Mexico.

In addition to the geoeconomic reordering, the pandemic had profound impacts on both the supply and demand sides. On the one hand, production capacity in multiple key sectors was temporarily reduced; on the other, changes in consumption patterns and new inflationary pressures were generated. The economic rebound observed in 2021 was followed by a period of persistent global inflation, driven by the increase in raw material costs, logistical bottlenecks, and geopolitical tensions derived from the war in Ukraine.

In response to the above, major central banks adopted restrictive monetary policies between 2022 and 2023, with substantial increases in interest rates, which limited financing for new projects and inhibited part of the dynamism in world investments. Nevertheless, since 2022, Mexico has received strong foreign direct investment flows and continued to be one of the main investment destinations for foreign capital, which based their decisions on Mexico's competitiveness and its proximity to the USA.

On the domestic front, the Mexican economy showed resilience during the 2018-2024 period. Although the pandemic caused a contraction of -8.5% in 2020, the recovery was consistent, with average growth rates of 3.6% in the period from 2021 to 2024. Among the main achievements stand out: the lowest unemployment rate since 2005 (2.5% at the close of 2024), a historic increase in the real minimum wage of 86.6%, and a significant reduction in poverty levels, from 46.9% in 2020 to 36.3% in 2022.

Towards the end of 2024, with the arrival of Donald Trump to the presidency of the USA for the second time, the tightening of trade policies reached new levels, as it was proposed to increase tariffs in a generalized manner for all countries, including strategic allies like Mexico and Canada, with the aim of returning part of the manufacturing production to the United States. Thus, various companies paused their investment decisions until the new geoeconomic landscape was clear.

Nevertheless, Mexico maintains structural conditions that position it as an attractive destination for investment. Between 2019 and 2024, accumulated FDI reached historic levels, exceeding 37 billion dollars annually. Added to this is the consolidation of the country as the first commercial partner of the USA, with exports exceeding 500 billion dollars in 2024. These results reflect decades of strengthening productive capacities, a skilled workforce, macroeconomic stability, and prudent fiscal policy.

To continue with this boost, Mexico must continue strengthening its business fabric, take advantage of the productive capacities developed in recent years, and use them as an anchor to incorporate more MSMEs into global value chains, increase the national content of exports, and attract higher technology productive processes for the benefit of the entire country.

5.2- Public Problem: Financial Inclusion for MSMEs

Financial inclusion is one of the fundamental pillars of sustainable and inclusive economic development. In Mexico, MSMEs represent more than 99% of the total Economic Units (UE) and generate approximately 68% of formal employment, according to INEGI data in 2024. Despite their weight in the economy, MSMEs face a series of structural obstacles to accessing formal financial services, a situation that limits their growth, innovation, and competitiveness potential. This lack of financial inclusion constitutes a high-impact public problem, as it affects not only business well-being, but also national productivity, regional development, and the country's global competitiveness.

Financial inclusion implies much more than access to credit; it also includes the availability of adequate financial products that allow for the sustainable growth of companies, the possibility of accessing new markets and export opportunities, and mechanisms to finance investment projects that generate profitability and greater productivity. However, in Mexico, access to formal financing for MSMEs is limited. According to the document "Mexican MSMEs: Engine of our economy" prepared in 2024, only 12.4% of MSMEs report having accessed financing in 2018.

The causes of the above stem from various reasons: on the one hand, there is a perception of high credit risk on the part of financial institutions, due to prevalent informality, lack of credit history, absence of real guarantees, and low financial training of many entrepreneurs; on the other hand, MSMEs themselves face barriers such as regulatory complexity, high transaction costs, and limited knowledge about the offer of financial products that exist in the market.

The lack of financial access limits the growth cycle of MSMEs, preventing them from investing in productive capital, innovating processes, professionalizing their management, or expanding their market. In addition, it affects their ability to cope with economic crises or take advantage of emerging commercial opportunities.

From a macroeconomic perspective, the lack of financial inclusion in MSMEs contributes to maintaining low levels of aggregate productivity. Mexico carries a structural productivity gap between large companies and MSMEs: while large companies reach international standards, micro and small companies operate with low mechanization, limited innovation, and scarce access to global markets. This heterogeneity affects the country's ability to efficiently insert itself into global value chains, export products with higher value added, and attract international investments that require solid and diversified supply chains.

From the point of view of regional economic development, financial exclusion generates territorial inequalities. Rural MSMEs and those in federative entities with less economic development face greater barriers to accessing formal financing, deepening the North-South and urban-rural gaps that have historically characterized the Mexican economy. This situation limits the generation of quality employment in lagging regions, hinders local innovation, and makes balanced country development difficult.

5.3- Causes and Effects of the Public Problem

In the current context of reconfiguration of global value chains, Mexican MSMEs play a crucial role in strengthening the national content of manufactured products in the country and positioning Mexico as a strategic partner within the phenomenon of nearshoring. The growing trend of global companies to relocate their production closer to consumption markets, motivated by geopolitical tensions, logistical interruptions, and the search for efficiency, has opened a historical window of opportunity for Mexico. However, for the country to fully take advantage of this context, it is indispensable that MSMEs manage to integrate effectively into the supply chains of large multinational companies.

5.3.1- Access to credit

The Mexican financial system, recognized for its regulatory solidity and macroeconomic stability, faces structural challenges that limit its depth and social impact. Although banking coverage and the number of financial intermediaries have grown in the last decade, credit to the private sector remains low compared to other emerging and developed economies. In Mexico, internal credit to the private sector as a percentage of GDP reaches 33.3%, below countries such as Chile with 109.5%, Brazil with 71.6%, and Ecuador with 55.6%, to name a few.

Graph 1.- Net internal credit as a percentage of GDP by country

Source: Prepared by NAFIN with information from the World Bank, Internal credit to the private sector.

A solid and regulated financial system where the surplus resources of savers are efficiently channeled to productive projects fosters greater economic growth and reduces economic gaps, so it is fundamental to increase banking penetration for the economic transformation of the country.

Nevertheless, MSMEs face deep restrictions to access formal credit. Only 12.4% have access to financing, which compromises their capacity for investment, scaling, and linkage with supply chains of higher value added, generating a structural limitation for the productive transformation of the country.

The low credit penetration is closely linked to the persistence of high levels of informality: it is estimated that

more than 80% of the country's economic units operate outside the tax formality and 54.5% of the country's workers do not have registration in the social security system. This condition not only limits access to financing but also generates a business structure with high vulnerability to market dynamics, low productivity, and scarce integration into formal development processes.

Informality in Mexico has multiple causes such as the regulatory burden, lack of knowledge of the processes to become formal businesses, and the cost associated with regularizing their businesses. This same thing causes economic units to not have financial statements or formal accounting that allows them to prove their income to financial institutions; in the same way, SMEs, in general, do not have guarantees to access traditional financing, which places them in a vicious circle that does not allow them to generate history or credit experience.

On the other hand, there is a limited and concentrated financial supply in federative entities such as Mexico City, the Bajío and Western regions that exceed 22 bank branches per 100 thousand inhabitants, while, in southern states such as Oaxaca or Guerrero, the average reaches 16, which impacts the lack of information and access to financial products. It should be noted that the headquarters of large companies are located in the main cities of the country, so the costs for financial institutions to offer financial products in small cities are higher, highlighting that 70% of business credit is concentrated in 5 federative entities of the country.

Informality, lack of financial training, and access to banking services, may be some of the causes that cause more than half of new ventures to end before completing two years and that only 4.6% of SMEs manage to incorporate into global value chains. Additionally, geographic financial gaps deepen regional inequality and limit local entrepreneurship capabilities, especially in communities with low industrial or rural development.

The NDP 2025-2030 recognizes that reversing this situation is key to democratizing development opportunities and transitioning to a more inclusive economic model. In line with the commitments established in the Mexico Plan, it has been defined as a goal to raise from 12% to 30% the proportion of SMEs with access to financing by the year 2030, as well as significantly expand the territorial coverage of financial services in marginalized areas.

5.3.2- National content and productive chaining of SMEs

The national content of a product refers to the proportion of inputs, production processes, and services that are provided by local companies in the value chain. Increasing national content not only generates direct economic benefits, such as job creation and strengthening of the local business fabric, but also allows the benefits of international trade and FDI to be distributed more equitably within the country. Mexico has historically been competitive in sectors such as the automotive, aerospace, electronics, and medical devices industries, but in many cases the national content remains relatively low because intermediate inputs and specialized services are imported. In this sense, strengthening the productive, technological, and financial capacities of SMEs is key to raising the participation of national companies in production chains.

The industrial model of Mexico driven since the 1990s favored industrialization, mainly maquiladora, characterized by the assembly process of imported components, without managing to consolidate a productive base along the entire value chain, nor the development of its own technology. As a reflection of the above, the national content in global manufacturing production has remained stagnant and at levels close to 40%, having reached a maximum in 2015 of 44.1%.

Graph 2.- National Content of Global Exports

Source: Prepared by NAFIN with information from INEGI, VAEMG.

SMEs can play multiple roles within global value chains: as component suppliers, manufacturers of intermediate parts, providers of logistical, technological, or maintenance services, and even as developers of innovative solutions. However, their effective insertion faces important challenges. Among them stand out the lack of international quality certifications, limited technological capabilities, scarce digitalization, difficulties in accessing competitive financing, and low linkage with large corporations. Overcoming these barriers is fundamental to increasing the resilience, efficiency, and competitiveness of the Mexican business ecosystem.

Table 1.- Examples of certifications required by sector

No. Certification Description Sector 1 EN 9100 Quality in aviation, space, and defense organizations. Aerospace 2 IATF 16949:2016 Quality management system that drives continuous improvement, defect prevention, and reduction of deviations and waste in the supply chain. Automotive 3 NOM-001-SCFI-2018 Electronic equipment that uses electrical energy from the public service, with single-phase supply voltages up to 277 V. Computing equipment / Electrical accessories 4 AISE Sustainability in soaps, detergents, and cleaning products: integrate health, safety, and the environment throughout the entire life cycle of products. Chemical 5 Affiliations SETIQ-ANIQ Handling and transport of chemicals. Chemical / Logistics 6 IFS Food Food Chain Safety. Guarantee of legality, safety, and quality of manufactured products. Meets international requirements (GFSI). Food

Source: Prepared by NAFIN with various information sources.

Nearshoring represents a strategic opportunity to close this gap. The relocation of production chains from Asia to North America, driven by the entry into force of the T-MEC and the need of US companies to diversify their supply, has made Mexico seen as a key destination for advanced manufacturing and final assembly. Mexican SMEs can provide important competitive advantages in this context: geographic proximity, competitive labor costs, cultural adaptation to the US market, and an existing industrial base in key sectors. In addition, Mexico's regional diversity allows for the development of specialized clusters (automotive in Bajío, aerospace in Querétaro, Industry 4.0 in Jalisco, medical devices in Mexico City) where SMEs can scale their productive capacities through alliances, productive chaining, and supplier development programs.

On the other hand, sustainability is increasingly relevant in global chains. Leading companies in sectors such as automotive, electronics, and medical devices require their suppliers to implement responsible practices in environmental, social, and governance (ESG) matters. Mexican SMEs that integrate sustainable criteria into their processes will have greater opportunities to integrate into international supply chains, so access to green financing, technical assistance, and certification programs are fundamental.

Under the development model with well-being driven by the Fourth Transformation, the strengthening of productive chaining is proposed as a key lever for the country's reindustrialization. This policy is supported by actions such as specialized technical training, effective linkage between large companies and SMEs, and the expansion of regional productive capacities. In this way, it seeks to consolidate a national industry with greater autonomy, more innovative, and committed to shared prosperity.

The NDP 2025-2030 recognizes that reversing this condition is key to democratizing development opportunities and strengthening the country's economic sovereignty. Therefore, it establishes as a strategic priority the fulfillment of Objective 3.10, oriented towards promoting the development of national production chains through the comprehensive strengthening of SMEs.

5.3.3- Reduction of the regional gap

In Mexico, regional economic gaps have been a historical constant that limits the balanced development of the country. While northern and central states, such as Nuevo León, Querétaro, and Jalisco, show high levels of industrialization, productivity, and formal employment, southern and southeastern regions, such as Oaxaca, Chiapas, and Guerrero, face significant backlogs in productive infrastructure, access to financing, and participation in global value chains. The effective integration of SMEs into global trade flows and the formal financial system represents one of the most viable strategies to close these gaps and promote more inclusive and sustainable economic development.

Graph 3.- Gross Domestic Product by region, 2023

Source: Prepared by NAFIN with information from INEGI, GDP by Federative Entity | Note: TMAC refers to the Average Annual Growth Rate.

Many of the new investments linked to nearshoring are being located outside of large metropolises, in states such as Nuevo León, Chihuahua, Coahuila, and Guanajuato. Integrating local SMEs in these regions will allow the benefits of industrial development to be distributed territorially, reducing regional inequalities and strengthening local economies.

During the 2018-2024 period, the South-Southeast region of Mexico registered consistently low levels of FDI, which reduces its capacity to drive industrial development. In the last year, entities such as Chiapas and Oaxaca obtained 0.4% of the national total of FDI, Campeche and Yucatán 0.6%, respectively, and Guerrero only 0.7%. To this is added the behavior of gross fixed investment, which has registered negative variations at the national level, as in the last year it fell 0.4%, attributable to the decrease in construction in these localities.

Graph 4.- Accumulated Foreign Direct Investment by region, 2018-2023

Source: Prepared by NAFIN with information from INEGI, GDP by Federative Entity.

In the same sense, the Southern region presents low export dynamism compared to other regions of the country. Between 2023 and 2024, the entities of the South reported an export growth of less than 2%, compared to the national average of 5%. By trade value, Quintana Roo was in last place in exports with only 0.01% participation; Chiapas, Oaxaca, Guerrero, and Yucatán did not exceed 0.4% each, and this was characterized by low value-added products.

Graph 5.- Exports by region, 2023

Source: Prepared by NAFIN with information from INEGI, Exports by Federative Entity.

Additionally, the region is characterized by a disconnection between talent formation and industrial opportunities. In Tabasco, for example, unemployment among people with secondary and higher education reached 71.7%, and the unemployment rate closed at 4.1% in 2024, the highest at the national level. Thus, lacking specialized industries in the region, labor informality remained high: three entities in the southeast - Oaxaca, Guerrero, and Chiapas - registered the highest rates in the country with 78.0%, 77.5%, and 77.4%, respectively.

The causes of these differences in the Southern region compared to the others are historical and have generated a vicious circle where the region lacks elements to host manufacturing companies due to the lack of logistical connectivity, migration of human capital, and lack of supply, which ends up incentivizing companies to install themselves in more developed zones such as the Bajío or the Northern Border, triggering again the causes of the backlog in those federative entities.

Particularly, there are important differences in the composition of the business fabric at the regional level, both in the number of economic units and in the economic activities they perform. The recognition of these regional characteristics allows for the formulation of more effective strategies:

a) The Central region, comprising seven states, concentrates 36.8% of the country's SME economic units, which is consistent with its participation in GDP, of 33.8% in 2023. In this region, units dedicated to commerce reached their highest participation representing 48.5% of the total units, while those in services and primary activities obtained the lowest percentage at the national level, of 40.1% and 0.1%, respectively.

b) In the Northeast and Northwest regions are located 20.8% of the country's SME economic units that generate 32.2% of GDP. Contrary to the Central region, in these regions, commercial units represent a smaller percentage of the total (39.2%) and those dedicated to services, the largest (51.6%). It stands out that, in the northern regions, industrial SMEs only reach 8.8% of the total, despite the important export manufacturing activity.

c) The South contributes 20.4% of SME economic units nationally and 13.3% of GDP, in concordance with the development challenges in the region previously exposed, such as low levels of investment and competitiveness. In the South, units of primary and industrial activities reached the highest percentage participation across all regions, of 13.7% and 1.1%, respectively, which suggests a relatively broad universe for business promotion strategies.

Graph 6.- SME Economic Units by region, 2025

Source: Prepared by NAFIN with information from INEGI, DENUE, as of March 2025.

The financial and productive integration of SMEs has a multiplier effect on regional economies: it generates formal employment, increases local tax revenue, stimulates internal consumption, and strengthens social cohesion. In addition, it allows regions traditionally excluded from industrial development to participate in higher value-added sectors, such as advanced manufacturing and export economic activities.

This process also contributes to the country's economic resilience. The geographic diversification of supply chains reduces risks associated with productive concentration in few regions and drives more balanced growth. Thus, Mexico can take advantage more integrally of phenomena such as nearshoring, decentralizing industrial development towards regions that have traditionally been marginalized from international trade.

5.4- Strategic opportunity: Reconfigure supply chains

The NAFIN Institutional Program 2025-2030 aims to drive financial inclusion by increasing financing and training for SMEs, promoting equitable and sustainable regional growth, and strengthening the country's business ecosystem.

NAFIN's operational model is based on second-tier financing programs, through which it channels financial resources and guarantees through financial intermediaries, such as commercial banks and multiple-object societies. In this way, NAFIN amplifies the reach of its resources, taking advantage of the infrastructure and experience of intermediaries to reach a greater number of companies in all regions of the country. Through its guarantee programs, NAFIN covers part of the credit risk that financial intermediaries assume when granting credit to SMEs with little credit history or insufficient guarantees. This risk coverage allows intermediaries to offer more competitive conditions in interest rates and terms, reducing barriers to access formal financing.

The financial inclusion of SMEs represents a priority economic strategy. International experiences show that countries that have managed to financially integrate their SMEs have experienced sustained increases in their productivity, labor formalization, export diversification, and economic resilience. For example, South Korea and Singapore have consolidated public-private financing networks that allow their SMEs to successfully insert into high-technology and global service sectors. The effective financial inclusion of SMEs would allow them to access formal financing, cutting-edge technologies, and international markets, generating sources of formal employment, local innovation, and inclusive economic growth.

5.5- Long-term vision

Development Banking will continue to be a support instrument for the productivity and competitiveness of the strategic sectors of the economy, through financing programs and products that allow the regional development and growth of the country.

NAFIN's strategic vision seeks to strengthen the productivity and competitiveness of Mexican SMEs, integrating them into global value chains through financing and specialized training. For this, NAFIN offers financial and training programs adapted to market changes, with special attention to women and indigenous communities, driving their management, innovation, and marketing capabilities. It is estimated that by 2030 NAFIN's credit portfolio will exceed 682.1 billion pesos, for which a total accumulated net borrowing in the 2025-2030 period amounting to 118.8 billion pesos will be required.

For 2040, a credit balance of 1.28 trillion pesos is estimated.

The vision focuses on SMEs increasing their levels of productivity and competitiveness, seeking their survival through the consolidation of companies. To fulfill this purpose, NAFIN must offer adequate financing and guarantee programs that adapt to the changing needs of the market, as well as continuous training programs for entrepreneurs, with special attention to women and indigenous communities, through training in business topics and the creation of business plans oriented to their growth. NAFIN foresees that these joint actions will transform the national economic fabric where SMEs will cease to be only local suppliers to become global actors, which will reinforce the country's economic sovereignty and foster regional development.

6.- Objectives

The opportunities detected in the field of financial inclusion development, the integration of SMEs into value chains, as well as regional disparities, make it necessary to propose objectives and strategies aimed at resolving the detected problem. This will allow facing these challenges and supporting the current Federal Public Administration in the fulfillment of its goals, through financing, training, and technical assistance programs that drive investment, promote financial inclusion, and tangibly benefit vulnerable groups, preserving the financial solidity of the Institution.

To achieve these objectives, it is fundamental the coordination of commercial banking with development banking, in which the latter acts as an ally and facilitator of its participation in project financing.

The definition of NAFIN's objectives, strategies, and lines of action is based on an internal analysis of its strengths and weaknesses, as well as an analysis of its external environment to identify those opportunities and threats that must be taken into account to define an adequate strategy.

6.1- SWOT Analysis

Strengths Opportunities Weaknesses (Areas of opportunity) Threats

Institution with financial solidity and sovereign guarantee. Qualified human talent. Bank with great experience, specialized in attending SMEs. Specialized Products and Programs for first and second floor, including sustainable lines. Market maker, granting guarantees and credit lines to increase SME access to financing. Bank with capacity to offer long-term financing. Leader in placement of thematic bonds and Financial Agent of the Federal Government. Flexible training (presential and online), with a solid and extensive structure of courses that attends vulnerable groups throughout the national territory. Experience as a financial and business advisor, to improve productivity and competitiveness. International market demand for the relocation of companies in Mexico. To participate in the strategy to increase national content in products manufactured in Mexico. Large market of unbanksed companies. Availability of sustainable funds in the national and international market, susceptible to being captured. Existence of new sectors susceptible to financial support. Continue improving processes and attention times in credit processes. Drive proactive attitude in promotion. Continue with the update of technological systems. Improve strategic synergy between the areas of the institution. International or national economic slowdown. Regulatory modifications that reduce investment and financing. Foreign trade policies that alter economic development. Decrease in Private Investment and FDI. Increase in risks due to climate change.

Currently, the national and international economic situation faces a more complex environment characterized by high interest rates and by a slowdown in global economic growth derived from the implementation of protectionist measures, such as technological restrictions, cross tariffs, and the relocation of production chains, which increases logistical costs and distorts international trade. The above has caused an environment of partial deglobalization with direct impacts on exporting countries like Mexico, which have seen postponements in investment projects, either due to regulatory uncertainty or US trade policy.

Additionally, climate change represents a growing systemic risk for the country's economic development. The increase in the frequency and intensity of extreme hydrometeorological phenomena - such as prolonged droughts, severe floods, and high-category hurricanes - has generated recurrent effects on agricultural production, logistical infrastructure, and coastal tourist zones. These impacts not only reduce productivity and increase recovery costs, but also put pressure on the demand of

financing for reconstruction and climate adaptation, especially in the most vulnerable productive sector such as MSMEs.

However, this challenging environment also opens a strategic window of opportunity for Mexico: the reconfiguration of global value chains and the trend towards nearshoring have positioned the country as a preferred destination to attract productive investment, especially in the strategic sectors of the Mexico Plan such as semiconductors and digital services, aerospace, renewable energy, the automotive industry - with emphasis on electromobility -, the chemical and petrochemical industry, the pharmaceutical industry and medical technology, as well as the agribusiness.

This context of relocation and industrial transformation requires strengthening the productive and financial capacities of national companies, particularly MSMEs, so that they can insert themselves into regional supply chains, adopt advanced technologies, comply with international standards and compete in global markets.

Likewise, the transition towards a sustainable economy, driven by global environmental commitments and by the growing availability of climate financing, opens new possibilities for NAFIN to expand its portfolio of sustainable financial products. Additionally, the existence of a large segment of unbanked companies, as well as regions with limited financial inclusion, represents an opportunity to deepen institutional coverage, through tailored financing schemes and specialized advice that promote formalization, business growth and balanced regional development.

To respond to these challenges and capitalize on the opportunities of the new economic environment, NAFIN has financial strength, backed by sovereign guarantee, which allows it to offer competitive financing conditions, with longer terms than those of commercial banks. The institution has highly qualified personnel with specialized experience in business support, both in financial matters and in technical advice and training. This capacity translates into a range of business training programs, available in face-to-face and virtual modalities, which even reach regions with limited infrastructure.

Likewise, NAFIN has a national network of banking and non-banking financial intermediaries that allows it to expand its territorial coverage, supporting companies located in areas traditionally excluded from the financial system. These capabilities place NAFIN in a strategic position to promote the development of exporting companies, fostering financial inclusion, and promoting the productive modernization of the country.

Although NAFIN has a solid institutional base, there are areas of opportunity that are being addressed through continuous improvement strategies. Among them stand out the need to streamline credit processes, modernize technological systems and strengthen inter-institutional coordination to improve the customer experience. Likewise, opportunities are identified to adopt a more proactive approach in product promotion and in the use of digital tools for better prospecting.

These actions are part of the institutional agenda to increase operational efficiency and consolidate NAFIN as a more accessible, modern and innovative development bank.

The information provided by the situational diagnosis and by the institutional SWOT analysis represents a highly useful input, which, combined with NAFIN's mandate, mission and vision, as well as the objectives and strategies established by the NDP 2025-2030, the PRONAFIDE 2025-2030, the 100 Commitments for the Second Floor of Transformation and the Mexico Plan, have been considered together for the elaboration of the objectives, strategies and lines of action of NAFIN's Institutional Program 2025-2030.

6.2- Definition of Objectives

NAFIN seeks to promote national economic development through financing for Mexican companies with activities in priority sectors, for which it has established three priority objectives:

Objectives of NAFIN's Institutional Program 2025-2030

1.- Increase financing for MSMEs and companies, in strategic sectors and regions, in order to dynamize their participation in national economic activity.

2.- Strengthen the development of national suppliers, in order to promote their participation in value chains.

3.- Promote the financial inclusion of MSMEs, in order to expand access to financing and generate new credit subjects.

Relevance of objective 1: Increase financing for MSMEs and companies, in strategic sectors and regions, in order to dynamize their participation in national economic activity.

NAFIN has a strategy for granting financing to Mexican companies based on a sectoral model, in accordance with the priority sectors delineated in the Mexico Plan and in the NDP 2025-2030 and in accordance with the productive vocations of each federal entity with the aim of strengthening the areas where the country is competitive. In addition to the above, is the possibility for Mexico to take advantage of the global environment to position itself as a pole of advanced manufacturing production in the T-MEC region, taking advantage of its geographical proximity to the USA (nearshoring), for which an investment, industrial development and financing strategy is required that contemplates immediate opportunities, as well as medium and long-term ones.

During 2019-2024, NAFIN has expanded its attention to sectors that cover both the Strategic Projects that were aligned with the NDP 2025-2030 as well as various sectors that did not have the strength to be supported by Commercial Banking, thus generating experience on the part of the Institution to be able to face the goals of the key projects established in the Mexico Plan:

Table 2.- First floor financing to strategic sectors (2024)

Source: Elaboration by NAFIN with information as of 2024.

This strategy emphasizes the importance of job creation and the strengthening of companies, but without neglecting the internal market to recover the well-being of the population.

Fostering participation in high-impact productive projects - economic, sustainable or innovative - is an integral development strategy that allows Mexico to advance towards a more diversified, competitive and sustainable growth model, while strengthening its position in the global economy.

Relevance of objective 2: Strengthen the development of national suppliers, in order to promote their participation in value chains.

The boost to local supply companies is vital so that Mexican companies can be more competitive at the global level, reducing the closing of regional gaps in the country and generating formal employment sources.

Although Mexico occupies the tenth place as a world exporter 23, there is little linkage between the national export industry and the rest of the national economy, especially in terms of supply of Mexican MSMEs. According to INEGI, the production of goods in Mexico has been characterized by maintaining unchanged the level of national content of 41.5% on average in the last 10 years. An example of this are the auto parts and electrical-electronic sectors, which stand out for having high export volumes, but little capacity to incorporate national suppliers (low productive chaining); so that the benefit in the growth of these industries has a low impact on the development of the national economy. The above is due in part to the limited productive capacity of medium-sized companies, lack of quality certifications and need for qualified labor.

To address this challenge, there is a strategy that seeks to establish productive chaining programs for MSMEs with lead companies that carry out their activities in priority sectors and/or in regional productive vocations. With this objective, it is sought that the benefits of economic activity are distributed throughout the country and among all Mexican companies.

Promoting regional development is a key strategy to guarantee equitable and inclusive economic growth in Mexico. Its importance lies in the fact that it allows reducing territorial inequalities, taking advantage of local productive vocations and strengthening the participation of companies, especially MSMEs, in national and international value chains. In addition, the greater use of national inputs raises local added value, improving the trade balance and promoting industrial development.

NAFIN has reiterated its support for regional and sectoral development, through second-floor programs, with the aim of strengthening its economic growth, promoting productive chaining and generating jobs, thus acquiring experience on the part of the Institution to be able to face the objectives established in the Mexico Plan:

Table 3.- Second floor financing in support of the Mexico Plan

Source: Prepared by NAFIN, with information as of 2024.

Relevance of objective 3: Promote the financial inclusion of MSMEs, in order to expand access to financing and generate new credit subjects

In Mexico, MSMEs generate 68.4% of the country's employment sources 24. Despite this, their participation in GDP is 52%. Among the various challenges that MSMEs must face, we find a low life expectancy (52% of MSMEs close in their first two years) and the lack of training for their employees. According to ENAPROCE 2018, only 15.3% of MSME companies provided training to their workers. The development of administrative and financial skills allows people to make more informed decisions for their business, this is achieved through knowledge of existing tools and putting these skills into practice.

To address the above problem, training and technical assistance will be provided to MSMEs and non-bank financial institutions, with the aim of increasing the penetration of credit in the private sector, the following strategies will be implemented: i) The first of them seeks to strengthen the offer of courses in business management, operational efficiency and corporate governance, to increase the productivity, permanence and access to credit of MSMEs; ii) The second focuses on training programs for NFIs so that they can become financial intermediaries for NAFIN. During the 2019-2024 sexennium, training courses were carried out to meet this objective and efforts will continue to be made to increase the number of companies benefited.

Strengthening the business and financial capacities of MSMEs is essential to incorporate new credit subjects and facilitate their access to formal financing, a key element for their growth, formalization and productive integration. In addition to strengthening the capacities of financial intermediaries as a key element to expand the coverage of financial services in sectors and regions with limited access to credit, as well as to promote financing conditions with a gender focus and social inclusion.

6.3- Linkage of the objectives of the Institutional Program 2025-2030

The objectives established in NAFIN's Institutional Program 2025-2030 are governed by General Axis 3 "Moral economy and work", from which derives the "Prosperous and connected Republic", which establishes objective 3.10: "Promote the development of supply chains to increase national content in productive phases, with a special focus on the strengthening of micro, small and medium-sized enterprises" and from which strategy 3.10.3 emanates: "Foster improvements in the productivity and competitiveness of micro, small and medium-sized enterprises, facilitating their integration into global value and supply chains"; established in the NDP 2025-2030.

Particularly, NAFIN will contribute to the commitment for regional development and relocation, through financing schemes for MSMEs and suppliers, aimed at promoting the substitution of imports, strengthening productive chaining and promoting development poles in order to provide more equitable opportunities in the different regions of the country. Likewise, it will support those commitments associated with strategic infrastructure projects such as the Maya Train, the Interoceanic Corridor, the Felipe Ángeles Airport, among others. Additionally and in compliance with Transversal Axis 1, "Substantive equality and women's rights", participation will be offered by offering specific products designed for women. Likewise and linked to Transversal Axis 3, "Rights of indigenous and Afro-Mexican peoples and communities", NAFIN will design training and technical assistance programs, through online and face-to-face courses, in Spanish and in indigenous languages, according to the needs of companies.

Likewise, PRONAFIDE 2025-2030 states in Objective 6. "Promote the development of a more inclusive, resilient and sustainable financial system, strengthening its stability, competition and legal framework, to expand equitable access to financial services, reduce structural gaps and improve the financial health of the population.". In this sense, of the two strategies defined for the achievement of the aforementioned objective, NAFIN's Institutional Program 2025-2030 is oriented towards Strategy 6.6: "Promote financing in the business; agricultural, rural, forestry, fishing and infrastructure sectors, through credit and guarantee mechanisms and programs, with the purpose of achieving greater financial inclusion of its target population, taking into account indigenous and Afro-Mexican peoples", specifically, in the lines of action mentioned below:

Action Line 6.6.1: Support with financing, guarantees, factoring and leasing to Micro, Small and Medium-sized Enterprises that participate in supply chains, to facilitate their participation in priority projects of the Federal Government.

Action Line 6.6.2: Channel credits to strategic infrastructure linked to processes of company relocation, through specific financial vehicles that promote foreign trade.

Action Line 6.6.3: Promote greater financial inclusion of MSMEs, male and female entrepreneurs, through financing schemes, programs and products, as well as financial services that allow their development and growth.

Action Line 6.6.4: Strengthen the credit and guarantee offer under favorable conditions with the participation of private financial intermediaries, in order to multiply financing, promoting greater financial inclusion with a gender focus and inclusion of indigenous and Afro-Mexican peoples.

Action Line 6.6.8: Promote education, training and technical assistance in the sectors of attention, to foster financial culture, the use of technology and effective access to financing mechanisms.

To address the described problem, NAFIN has designed three priority objectives through which it will provide attention, seeking a positive impact through specific solutions:

Objectives of the Program

Institutional Program

NAFIN

2025-2030

Objectives of the Program

National Development

Financing 2025-2030

Strategies of the National Program

Development Financing 2025-2030

1.- Increase financing for MSMEs

and companies, in strategic sectors and regions,

in order to dynamize their participation in the

national economic activity.

Objective 6.- Promote the development of a system

more inclusive, resilient and sustainable finance,

strengthening its stability, competition and

legal framework, to expand equitable access

to financial services, reduce gaps

structural and improve the financial health of the

population.

Strategy 6.6.-

Promote financing in the sectors

business; agricultural, rural, forestry,

fishing and infrastructure, through

credit and guarantee mechanisms and

programs, with the purpose of achieving

greater financial inclusion of its population

target, taking into account

indigenous peoples and Afro-Mexicans.

2.- Strengthen the development of suppliers

national, in order to promote their participation

in value chains.

3.- Promote the financial inclusion of

MSMEs, in order to expand access to

financing and generate new subjects of

credit.

7.- Strategies and lines of action

Objective 1. Increase financing for MSMEs and companies, in strategic sectors and regions, in order to

dynamize their participation in national economic activity

Strategy 1.1 Promote the industrial relocation of companies, in order to increase foreign direct investment and

promote the diversification of exports.

Line of action

1.1.1- Grant, annually, financing schemes that support the development of industrial parks and corridors, with the purpose

of fostering the attraction of investment, increasing the competitiveness of companies and contributing to the economic growth of the country.

1.1.2- Grant, annually, financing schemes directed to priority sectors, in order to support the expansion of the

industrial capacity and strengthen the insertion of companies in global value chains.

1.1.3- Capture and use various sources of financing annually, under the best market conditions, within the limits

authorized for the corresponding exercise, in order to achieve the growth objectives in the portfolio.

Strategy 1.2 Foster participation in productive projects (public or private) with high economic impact

national, sustainable or innovative.

Line of action

1.2.1- Grant, annually, financing schemes to strategic projects, public and private, linked to the Mexico Plan, with

the aim of promoting national economic development.

1.2.2- Grant, annually, financing schemes to projects with positive environmental, social and economic impact, as a means

to promote sustainable development in strategic sectors of the country.

1.2.3- Grant, annually, financing schemes to innovation and technological development projects, in order to strengthen the

productivity and competitiveness of the business sector.

Objective 2. Strengthen the development of national suppliers, in order to promote their participation in value chains.

Strategy 2.1 Potentiate regional development, in order to guarantee equitable growth that allows strengthening the

companies in their integration into value chains.

Line of action

2.1.1- Grant, annually, financing schemes to MSMEs that operate in regions with specific productive vocations of

each Federal Entity in order to strengthen local supply.

2.1.2- Grant, annually, financing schemes to MSMEs to achieve their productive conversion, in order that they can

comply with the technical and quality standards required by large buyers.

Strategy 2.2 Strengthen and modernize the productive capacity of MSMEs to increase the value of national content

and promote the substitution of imports.

Line of action

2.2.1- Grant, annually, financing schemes to MSMEs to increase national content in their supply chain,

in order to substitute imported inputs and develop local productive processes.

Objective 3. Promote the financial inclusion of MSMEs, in order to expand access to financing and generate

new credit subjects.

Strategy 3.1 Strengthen the business and financial capacities of MSMEs, in order to incorporate new subjects of

credit and facilitate their access to financing.

Line of action

3.1.1-

Annually, impart training and technical assistance programs, directed to individuals, entrepreneurs and MSMEs in

business management and business development topics, in order to form new credit subjects.

3.1.2-

Provide, annually, training and technical assistance to female entrepreneurs and businesswomen, through specialized content in

gender perspective, with the purpose of reducing gaps in access to financing.

3.1.3-

Provide, annually, training and technical assistance in native languages with a focus on financial inclusion and development of

business capacities, in order to facilitate their incorporation as credit subjects.

Strategy 3.2 Strengthen the technical and operational capacities of financial intermediaries, in order to expand their

coverage in sectors and regions with limited access to credit and promote financing conditions with a focus on gender and inclusion.

Line of action

3.2.1-

Promote, annually, financing in sectors and regions with limited access to credit, through articulation with

financial intermediaries, in order to expand national coverage and promote financial inclusion.

3.2.2-

Grant, annually, training and technical assistance programs for Non-Bank Financial Institutions, with the

purpose of improving their administrative and operational management, and facilitating the granting of credit under better conditions.

3.2.3-

Promote, annually, financing schemes with a gender and sustainability focus, through collaboration with

financial intermediaries, to promote access to credit for female entrepreneurs, social entrepreneurs and projects with

positive environmental impact.

8.- Indicators and goals

NAFIN's Institutional Program 2025-2030 establishes a series of indicators that define a goal that must be evaluated at the end of

the current Administration. The indicators will allow identifying whether NAFIN's actions are having the expected results and the incidence

expected, or if it is necessary to make adjustments to ensure compliance with the established goals. In addition, they will serve to the citizenry for

know the progress in the goals and will be an evaluation and monitoring tool for the performance of the current Administration. No

however, the behavior of the indicators does not depend solely on the actions of the Institution or the Government of the

Republic. It is also affected by factors external to the country and internationally, or by collaboration with other public or

private actors for the achievement of its goal. Therefore, the monitoring of indicators must take into account these and other

considerations.

Objective

Prioritario

Indicators and Sub-indicators

1

1.1

Direct and Induced Credit Balance (SCDeI) to the Private Sector

1.2

Direct and Induced Credit Balance (SCDeI) to the Private Sector for Sustainable Projects

2

2.1

Financial Inclusion of the Private Sector

3

3.1

Training and Technical Assistance Provided.

Indicator 1.1

INDICATOR ELEMENTS

Name

Direct and Induced Credit Balance (SCDeI) to the Private Sector

Objective

Increase financing for SMEs and companies, in strategic sectors and regions, in order to dynamize their participation in national economic activity.

Definition or description

Measures the total amount of SCDeI to the Private Sector

Associated right

Not applicable

Level of disaggregation

Federal entity

Periodicity or frequency of measurement

Annual

Accumulated or periodic

Periodic

Information availability

April of the following year

Unit of measure

Millions of pesos

Data collection period

January to December

Expected trend

Ascending

Unit responsible for reporting progress

Financial Programming Directorate, Unit of Economic and Financial Projects and Programs.

Calculation method

Direct and Induced Credit Balance to the Private Sector in year n

SCDeI n = SCDP n + SCDS n + SCI n

Where:

SCDeI n :

Direct and Induced Credit Balance to the Private Sector in year n;

SCDP n :

Direct Credit Balance in First Tier to the Private Sector in year n;

SCDS n :

Direct Credit Balance in Second Tier to the Private Sector in year n;

SCI n :

Induced Credit Balance to the Private Sector in year n.

Observations

APPLICATION OF THE CALCULATION METHOD FOR OBTAINING THE BASELINE

The baseline must correspond to a definitive value for the 2024 cycle or prior; it cannot be a preliminary or estimated value.

Variable name 1

Direct and induced credit balance "SCDeI" in 2024

Variable value 1

467,485 million pesos

Information source variable 1

Institutional databases

Variable name 2

Direct Credit Balance in First Tier to the Private Sector in 2024

Variable value 2

72,532 million pesos

Information source variable 2

Institutional databases

Variable name 3

Direct Credit Balance in Second Tier to the Private Sector in 2024

Variable value 3

171,681 million pesos

Information source variable 3

Institutional databases

Variable name 4

Induced Credit Balance to the Private Sector in 2024

Variable value 4

223,272 million pesos

Information source variable 4

Institutional databases

Substitution in method of calculation

SCDeI 2024 = 72,532

• 171,681 + 223,272 = 467,485

BASELINE VALUE AND TARGETS

Baseline

Note on the baseline

Value

467,485

Year

2024

Target 2030

Note on the 2030 target

682,127

INDICATOR HISTORICAL SERIES

Values must be recorded according to the indicator's measurement frequency.

You may register NA (Not applicable) and ND (Not available) when appropriate.

2018

2019

2020

2021

2022

2023

2024

451,119

415,496

399,607

363,965

374,817

409,725

467,485

TARGETS

You may register NA when no target applies for that year, according to the measurement frequency.

2025

2026

2027

2028

2029

2030

497,872

530,233

564,698

601,404

640,495

682,127

Indicator 1.2

INDICATOR ELEMENTS

Name

Direct and Induced Credit Balance (SCDeI) to the Private Sector for Sustainable Projects

Objective

Increase financing for SMEs and companies, in strategic sectors and regions, in order to dynamize their participation in national economic activity

Definition or description

Measures the Direct and Induced Credit Balance of sustainable projects

Associated right

Not applicable

Level of disaggregation

Sustainable First Tier Credit Balance

Sustainable Second Tier Credit Balance

Sustainable Guarantee Portfolio Balance

Periodicity or frequency of measurement

Annual

Accumulated or periodic

Periodic

Information availability

April of the following year

Unit of measure

Millions of pesos

Data collection period

January to December

Expected trend

Ascending

Unit responsible for reporting progress

Financial Programming Directorate, Unit of Economic and Financial Projects and Programs.

Calculation method

Direct and Induced Credit Balance of sustainable projects in year n

SCDeIPS n = SCSP n + SCSS n + SCG n

Where:

SCDeIPS n : Direct and Induced Credit Balance to the Private Sector of sustainable projects in year n;

SCSP n : Sustainable Credit Portfolio Balance to the Private Sector of First Tier in year n;

SCSS n : Sustainable Credit Portfolio Balance to the Private Sector of Second Tier eligible for verification of resource use according to the current Sustainable Bonds Framework in year n;

SCG n : Sustainable Guarantee Portfolio Balance to the Private Sector in year n.

Observations

A sustainable project is considered one that is eligible according to what is established in the Sustainable Bonds Framework.

APPLICATION OF THE CALCULATION METHOD FOR OBTAINING THE BASELINE

The baseline must correspond to a definitive value for the 2024 cycle or prior; it cannot be a preliminary or estimated value.

Variable name 1

Direct and Induced Credit Balance of sustainable projects in 2024

Variable value 1

51,865 million pesos

Information source variable 1

Institutional databases

Variable name 2

Sustainable Credit Portfolio Balance to the Private Sector of First Tier in 2024

Variable value 2

13,080 million pesos

Information source variable 2

Institutional databases

Variable name 3

Sustainable Credit Portfolio Balance to the Private Sector of Second Tier in 2024

Variable value 3

15,853 million pesos

Information source variable 3

Institutional databases

Variable name 4

Sustainable Guarantee Portfolio Balance to the Private Sector in 2024;

Variable value 4

22,932 million pesos

Information source variable 4

Institutional databases

Substitution in method of calculation

SCDeIPS 2024 = 13,080 + 15,853 + 22,932 = 51,865

BASELINE VALUE AND TARGETS

Baseline

Note on the baseline

Value

51,865

Year

2024

Target 2030

Note on the 2030 target

75,678

INDICATOR HISTORICAL SERIES

Values must be recorded according to the indicator's measurement frequency.

You may register NA (Not applicable) and ND (Not available) when appropriate.

2018

2019

2020

2021

2022

2023

2024

NA

NA

NA

NA

NA

NA

51,865

TARGETS

You may register NA when no target applies for that year, according to the measurement frequency.

2025

2026

2027

2028

2029

2030

55,236

58,827

62,650

66,723

71,060

75,678

Indicator 2.1

INDICATOR ELEMENTS

Name

Total number of unique companies of the Private Sector, supported with direct and induced credit

Objective

Strengthen the development of national suppliers, in order to boost their participation in value chains.

Definition or description

Measures the total number of companies with direct and induced financing to the private sector

Associated right

Not applicable

Level of disaggregation

Federal entity

Periodicity or frequency of measurement

Annual

Accumulated or periodic

Periodic

Information availability

April of the following year

Unit of measure

Companies

Data collection period

January to December

Expected trend

Ascending

Unit responsible for reporting progress

Financial Programming Directorate, Unit of Economic and Financial Projects and Programs.

Calculation method

Total number of unique private sector companies supported with direct and induced credit in year n

EUCDeI n = EUCDP n + EUCDS n + EUG n

Where:

EUCDeI n = Total number of unique private sector companies supported with direct and induced credit in year n;

EUCDP n = Total number of unique private sector companies supported with direct credit in first tier in year n;

EUCDS n = Total number of unique private sector companies supported with direct credit in second tier in year n;

EUG n = Total number of unique private sector companies supported with guarantees in year n.

Observations

Unique companies from the total direct and induced credit portfolio are considered.

APPLICATION OF THE CALCULATION METHOD FOR OBTAINING THE BASELINE

The baseline must correspond to a definitive value for the 2024 cycle or prior; it cannot be a preliminary or estimated value.

Variable name 1

Unique companies supported in year 2024

Variable value 1

570,006

Information source variable 1

Institutional databases

Variable name 2

Unique companies supported with direct credit in first tier in 2024

Variable value 2

22

Information source variable 2

Institutional databases

Variable name 3

Unique companies supported with direct credit in second tier in 2024

Variable value 3

521,747

Information source variable 3

Institutional databases

Variable name 4

Unique companies supported with guarantees in 2024

Variable value 4

48,237

Information source variable 4

Institutional databases

Substitution in method of calculation

EUCDeI 2024 = 22 + 521,747 + 48,237 = 570,006

BASELINE VALUE AND TARGETS

Baseline

Note on the baseline

Value

570,006

Year

2024

Target 2030

Note on the 2030 target

831,720

INDICATOR HISTORICAL SERIES

Values must be recorded according to the indicator's measurement frequency.

You may register NA (Not applicable) and ND (Not available) when appropriate.

2018

2019

2020

2021

2022

2023

2024

509,250

418,673

593,137

459,033

599,410

643,190

570,006

TARGETS

You may register NA when no target applies for that year, according to the measurement frequency.

2025

2026

2027

2028

2029

2030

607,056

646,515

688,539

733,294

780,958

831,720

Indicator 3.1

INDICATOR ELEMENTS

Name

Number of unique beneficiaries who completed training courses and provided technical assistance.

Objective

Promote financial inclusion of SMEs, in order to expand access to financing and generate new credit subjects.

Definition or description

Measures the total number of unique beneficiaries who completed training courses or technical assistance in the year.

Associated right

Not applicable

Level of disaggregation

Training Technical Assistance

Periodicity or frequency of measurement

Annual

Accumulated or periodic

Periodic

Information availability

April of the following year

Unit of measure

Unique beneficiaries

Data collection period

January to December

Expected trend

Ascending

Unit responsible for reporting progress

Financial Programming Directorate, Unit of Economic and Financial Projects and Programs

Calculation method

Number of unique beneficiaries who completed training courses and technical assistance in year n

BCyA n = BC n + BAT n

Where:

BCyA n : Number of unique beneficiaries who completed training courses and technical assistance in year n;

BC n : Number of unique beneficiaries who completed training courses in year n;

BAT n : Number of unique technical assistance beneficiaries who completed all modules of technical assistance in year n.

Observations

Training beneficiary: Individuals who complete one or more training courses in the year. Technical assistance beneficiaries: Legal entities or individuals with business activity who complete all modules of technical assistance in the year.

APPLICATION OF THE CALCULATION METHOD FOR OBTAINING THE BASELINE

The baseline must correspond to a definitive value for the 2024 cycle or prior; it cannot be a preliminary or estimated value.

Variable name 1

Number of unique beneficiaries who completed training courses or technical assistance in 2024

Variable value 1

44,317

Information source variable 1

Institutional databases

Variable name 2

Number of unique beneficiaries who completed training courses in 2024

Variable value 2

42,407

Information source variable 2

Institutional databases

Variable name 3

Number of unique beneficiaries of technical assistance who completed all modules of technical assistance in 2024

Variable value 3

1,910

Information source variable 3

Institutional databases

Substitution in method of calculation

BCyA 2024 = 42,407 + 1,910 = 44,317

BASELINE VALUE AND TARGETS

Baseline

Note on the baseline

Value

44,317

Year

2024

Target 2030

Note on the 2030 target

64,665

INDICATOR HISTORICAL SERIES

Values must be recorded according to the indicator's measurement frequency.

You may register NA (Not applicable) and ND (Not available) when appropriate.

2018

2019

2020

2021

2022

2023

2024

7,199

19,995

44,216

33,136

23,292

30,800

44,317

TARGETS

You may register NA when no target applies for that year, according to the measurement frequency.

2025

2026

2027

2028

2029

2030

47,198

50,265

53,533

57,012

60,718

64,665

Mexico City on October 13, 2025. - General Director of Nacional Financiera, S.N.C., I.B.D., Lic. Roberto Lazzeri Montaño .- Rubric.

1

Ministry of Labor and Social Welfare, National Minimum Wage Commission, 2025.

2

Ministry of Economy, Mexican SMEs: engine of our economy, 2024.

3

CONEVAL, 2023.

4

Ministry of Economy, Foreign Direct Investment Flows, 2025.

5

INEGI, Exports by federal entity, 2025.

6

Ministry of Economy, Mexican MIPyMES: engine of our economy, 2024.

7

Based on the number of employers registered with the Mexican Institute of Social Security, 2025.

8

INEGI, ENOE, fourth quarter 2024.

9

National Banking and Securities Commission, Financial Inclusion Database, 2022.

10

According to April 2025 figures from the CNBV, the federal entities are Mexico City (38%), Nuevo León (14%), Jalisco (8%), State of Mexico (5%) and Sinaloa (3%).

11

Ministry of Economy, Mexican MIPYMES: engine of our economy, 2024.

12

Mexico Plan, Strategy for Equitable and Sustainable Economic Development for Shared Prosperity, Government of Mexico, 2024.

13

100 steps for Transformation, 2024.

14

Ministry of Economy, Foreign Direct Investment Registration 2023.

15

INEGI, Monthly Indicator of Gross Fixed Investment, February 2025.

16

INEGI, Monthly Indicator of Industrial Activity by Federal Entity, December 2024.

17

INEGI, Exports by Federal Entity, 2024.

18

Ibidem.

19

INEGI, ENOE, fourth quarter 2024.

20

Ibidem.

21

INEGI, DENUE, 2025.

22

Ibidem.

23

World Trade Organization, 2024.

24

Ministry of Economy, 2024

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