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DOF: 03/12/2025

INSTITUTIONAL PROGRAM OF THE NATIONAL BANK OF FOREIGN TRADE, S

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

National Bank of Foreign Trade.

INSTITUTIONAL PROGRAM OF THE NATIONAL BANK OF FOREIGN TRADE, S.N.C., I.B.D. 2025-2030

1.- Table of Contents

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

mmd: Billions of dollars

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

OECD: Organization for Economic Co-operation and Development

WTO: World Trade Organization

GDP: Gross Domestic Product

NDD: 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

VAEMG: Value Added of Global Manufacturing Exports

3.- Identification of the Source of Resources for the Program

The National Bank of Foreign Trade, in its capacity as an Entity of the Federal Public Administration Parastate, Majority State Participation Company, considered a Development Banking Institution and National Credit Society, is established as a Coordinated Entity in the Treasury and Public Credit Sector, Non-Supported and Indirect Control, whose own revenues are not included in the Revenue Law, and whose 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, 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 Republic Austerity Law.

4.- Legal Basis

The Institutional Program of BANCOMEXT is supported by the provisions of Article 2 of its Organic Law; 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 Federal Law of Parastate Entities (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 NDD 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 precisely in this law, as well as in the LFEP or, if applicable, by the provisions that regulate their organization and functioning, attending to the provisions contained in the corresponding sectoral program, observing in what is 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 NDD and in the corresponding sectoral program, which, in the case of BANCOMEXT, is PRONAFIDE, which contemplates the priority objectives and strategies, as well as the specific actions of the treasury 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 Journal 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 NDD 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 at its center the conviction that national activity as a whole, the economic, the political, the social, the cultural, should not be oriented to reach other countries, to multiply irrationally and uncritically production, distribution, and consumption, to beautify indicators, and much less to concentrate wealth in a few hands, but to the well-being of the population.

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

5.- Diagnosis of the Current Situation and Long-Term Vision

Since 2018, with the beginning 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, seeking 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 real minimum wage by 86.6% during 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 at the global level.

A solid, regulated financial system with incentives aligned to the country's industrial policy is fundamental to boost economic growth. With highly consolidated companies, qualified workforce, 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 added value 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 NDD 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, BANCOMEXT promotes financing for foreign trade, the generation of foreign currency in the country, the expansion of productive capacity of exporting companies, and, if applicable, their internationalization, through an offer of training programs, financing, guarantees, and other specialized services, being a driver of foreign trade. As evidence of the above, between 2019 and 2024 BANCOMEXT maintained a growing level of credit placement, with an accumulated disbursement of 1.5 trillion pesos.

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 BANCOMEXT to expand its credit portfolio, benefiting especially MSMEs linked to foreign trade, boost strategic sectors according to the productive vocations of each region, promote the integration of more national companies into global value chains, and support the priority projects of the Federal Government.

BANCOMEXT's basic capital went from 30,755 mdp in 2019 to 41,847 mdp at the close of 2024, which represents 17.6% of the ICAP, above the regulatory minimum, reflecting a solid financial position that allows it to guarantee financing to Mexican companies in the coming years. It is essential to maintain sufficient capital to fulfill BANCOMEXT'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 business 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 BANCOMEXT 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.

BANCOMEXT 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 boost Mexico's foreign trade and the generation of foreign currency, not only in volume, but through the incorporation of more MSMEs into global value chains and the increase of national content in exports.

5.1- Economic Outlook

Since 2018, the trade war between the USA 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 took on special relevance as a strategy to relocate productive capacities closer to final consumption markets. For many companies whose main destination is the USA, 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 depending on distant and fragmented supply chains. As a result, the trend toward productive regionalization accelerated, reinforcing the attractiveness of destinations like Mexico.

In addition to the geo-economic 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 flows of foreign direct investment 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 internal 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 geo-economic 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. To this is added the consolidation of the country as the first commercial partner of the United States, with exports exceeding 500 billion dollars in 2024. These results reflect decades of strengthening productive capacities, a qualified workforce, macroeconomic stability, and prudent fiscal policy.

To continue with this boost, Mexico must continue to strengthen 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: Boosting the Country's Exports

The boost to exports is a fundamental aspect for the economic development of the country, as it constitutes one of the main sources of generation of foreign currency, jobs, productivity, and, in general, economic growth. By exporting the goods and services in which it has the greatest competitive advantage, the country generates greater profits from sales abroad and, consequently, an increase in the attraction of productive resources (machinery, workers, technology, among others) towards the export sector.

Likewise, productivity increases through the adoption of technical improvements in production, a direct consequence of meeting foreign demand that requires better quality in the offered products and services.

In addition to the above, the geographic position and trade agreements generate economies of scale that incentivize companies to optimize transportation and labor costs and reduce delivery times, by strategically positioning themselves close to the market where the final consumer is located.

In the case of Mexico, its geographic position and its extensive network of trade agreements have consolidated it as the eighth largest exporter in the world and the main commercial partner of the United States since 2024.

5.3- Causes and Effects of the Public Problem

5.3.1- Diversification of Exports

At the close of 2024, Mexico's exports to the United States amounted to 503.2 billion dollars, of which 136.9 billion dollars correspond to the "automotive" sector, 95.8 billion dollars to the "electronic, electrical, and communication equipment" sector, and 93.7 billion dollars to the "machinery and equipment" sector; which demonstrates that these sectors concentrate 64.8% of total exports.

Mexico's export profile remains heavily concentrated in manufactured goods with low technological content, especially in sectors such as aerospace and electronics. Although these sectors have managed to scale in volume and commercial participation, the country faces serious limitations to diversify its exportable offer and advance towards processes of greater technological sophistication and added value. This situation responds, to a large extent, to the persistence of a maquiladora model that, although it has facilitated the country's insertion into global value chains, has limited the development of own capabilities in innovation, design, and advanced manufacturing.

Unlike Asian economies that used a learning by doing policy to scale technologically and develop their own brands, Mexico seeks to consolidate its industrial and innovation policy to boost technological transfer, the training of specialized talent, and the strengthening of the national innovation and development ecosystem. The above to generate greater generation of intellectual property, retention of highly qualified talent, and greater presence of Mexican companies with technological competitiveness at the global level.

For example, between 2016 and 2024, facing the loss of 19.8 percentage points of participation by China, Mexico only managed to capture 1.0 percentage point of the US market in high-tech imports, while other Asian countries added 11.7 percentage points. The lack of growth in advanced technology sectors limits not only the country's export potential, but also its capacity to generate quality jobs, attract strategic investment, and scale up the value chain.

On the other hand, there is also a strong territorial and thematic concentration in the tourism sector, particularly in sun and beach destinations, which has limited the competitiveness of the sector and its capacity to generate equitable benefits throughout the national territory. This trend not only reduces the possibility of fully taking advantage of the country's potential in this matter, but also generates pressure on consolidated destinations, leaving out communities that could contribute to regional development. The main causes of high tourism concentration have their origin in the historical orientation of foreign direct investment towards large sun and beach tourist centers. Between 2006 and 2024, five entities - Baja California Sur, Quintana Roo, Nayarit, Jalisco, and Mexico City - concentrated 85% of foreign investment in the sector.

As an effect, emerging tourist destinations, including various Magic Towns, have faced difficulties in dynamizing their local economy, raising tourism GDP, and attracting constant flows of visitors. The lack of investment and adequate connectivity has hindered their consolidation as competitive tourist poles, thus deepening regional inequalities in the economic disbursement of the sector.

Mexico has 177 Magic Towns, 102 sun and beach destinations, and 358 localities with tourism vocation, many of which are located in federative entities of the South-Southeast, outside the main urban centers, which implies the need to strengthen connectivity, infrastructure, promotion, the business ecosystem, and security, under a regional and sustainable approach.

5.3.2- National Content of Exports

Mexico's industrial model, 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 own technology. As a reflection of the above, the national content of global exports in world manufacturing production has remained stagnant and at levels close to 40%, having reached a maximum in 2015 of 44.1%.

Graph 1.- National Content of Global Exports

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

By economic activity, national content levels are heterogeneous, although their levels have not varied significantly in recent years. While sectors such as "Beverages and Animal Feed" reach nearly 90%, "Metal Products" or "Hand Tools" sum less than 15%. Other relevant export industries such as "Automobile Manufacturing" reach 51% and "Computer Manufacturing" 28%, reflecting an opportunity to increase national supply in various sectors. 12

On one hand, the national production of petrochemicals, textiles, and minerals is low and declining due to strong international competition for these products. As an example, chemical inputs for making medicines are cheaper in India, due to their high production volume and/or government support, which incentivizes Mexican companies to import these inputs to achieve higher profitability levels. In Mexico, there is a high dependence on imported inputs, representing more than 70% of inputs used in manufacturing 13, which has limited the country's capacity to generate internal value.

On the other hand, despite Mexico having a demographic bonus, with more than 20 million people of working age who could join global value chains 14, there is a deficit of skilled labor for advanced manufacturing: only 37% of workers in the secondary sector have upper secondary or higher education 15 and of these, most study careers not related to manufacturing industries, which limits the capacity to adapt, improve, or innovate production processes across different stages of production.

Finally, an additional limitation to extending value chains in the country and increasing national content is the limited productive capacity of medium-sized companies, for whom becoming suppliers of Original Equipment Manufacturer manufacturers or anchor companies would imply a significant increase in production volume, significant improvements in their production processes to meet delivery times, and obtaining quality certifications that meet the necessary standards.

As an example, the Aerospace, Automotive, Computer Equipment, and Electrical Accessories sectors, among others, require special certifications that are often not provided in the country, which limits the possibility of increasing supply chains and thereby the national content of exportable goods.

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. Computer Equipment / Electrical Accessories

4 AISE Sustainability in soaps, detergents, and cleaning products: integrating health, safety, and the environment throughout the entire product life cycle. 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 BANCOMEXT with various information sources.

To decrease the vulnerability of the national industry to external cyclical events that could fracture supply, it is necessary to strengthen national productive capacity, as this generates that around 50% of Mexican exports to the United States do not meet the regional content requirements established in the T-MEC.

On the other hand, sustainability is increasingly relevant in global chains. Leading companies in sectors such as automotive, electronics, and medical devices demand responsible practices from their suppliers 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 promoted by the Fourth Transformation, the strengthening of productive linking is proposed as a key lever for the country's reindustrialization. This policy is based on 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 productive chains through the comprehensive strengthening of SMEs.

5.3.3- Reduction of the regional gap

Due to the high concentration of the export sector, there are consequently inequalities in the economic development of the regions. The diversification of foreign trade opens the possibility of reducing regional gaps, balancing the country's economic development.

Despite having abundant natural resources, a strategic geographic location, and growing connectivity with international markets, the South-Southeast region of the country continues to face significant challenges in terms of investment, workforce qualification, and competitiveness, which has generated a lag in industrial activity and negatively impacted economic development, especially when compared to regions such as the North, Center, or West.

Graph 2.- Gross Domestic Product by region, 2023

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

During the period 2018-2024, 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% 16. To this is added the behavior of gross fixed investment, which has registered negative variations nationally, as in the last year it fell 0.4% 17, attributable to the decrease in construction in these localities 18.

Graph 3.- Accumulated Foreign Direct Investment by region, 2018-2023

Source: Prepared by BANCOMEXT with information from INEGI, GDP by Federal Entity.

In the same sense, the South region presents low export dynamism compared to other regions of the country. Between 2023 and 2024, southern entities reported export growth of less than 2%, compared to the national average of 5% 19. 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 20, and this was characterized by low value-added products.

Graph 4.- Exports by region, 2023

Source: Prepared by BANCOMEXT with information from INEGI, Exports by Federal Entity.

Additionally, the region is characterized by a disconnect between talent formation and industrial opportunities. In Tabasco, for example, unemployment among people with upper secondary and higher education reached 71.7%, and the unemployment rate closed at 4.1% in 2024 21, the highest nationally. 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 22.

The causes of these differences in the South region compared to 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 areas such as Bajío or the Northern Border, triggering again the causes of the lag in these federal entities.

An economy highly integrated into global value chains requires modern, efficient, and interconnected logistical infrastructure that allows agile transfer of goods, reduces operating costs, and raises the competitiveness of its productive sectors. In the case of Mexico, the low efficiency of the logistical system gives rise to important challenges that limit the country's capacity to fully take advantage of its strategic geographic position and its network of trade agreements, with the aim of achieving balanced economic development.

The absence of multimodal coordination, the underutilization of existing infrastructure, and the saturation of some strategic corridors contribute to fragmented and less resilient logistics. This lag becomes a barrier to the integration of micro, small, and medium-sized enterprises into more complex productive chains and limits regional development by making it difficult to connect zones with productive potential and major logistical centers.

As a consequence of the above, in recent years the Federal Government has begun to develop key infrastructure projects in the south-southeast region. Among these stand out the Isthmus of Tehuantepec Interoceanic Corridor, the Maya Train, the coking plant of the Salina Cruz refinery, the Oaxaca - Puerto Escondido highway, and the Olmeca refinery, with the objective of laying the infrastructure foundations so that more companies can install themselves and thus generate new productive poles in the country 23.

5.4- Strategic Opportunity: Financial Inclusion for SMEs

The Institutional Program of BANCOMEXT 2025-2030 aims to promote exports by increasing financing and training to strategic sectors linked to export and foreign exchange generation, promoting equitable and sustainable regional growth, and strengthening the country's business ecosystem.

A solid and regulated financial system where surplus resources from 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. 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 71.6%, and Ecuador 55.6%, to name a few.

Graph 5.- Net internal credit as a percentage of GDP by country

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

In Mexico, SMEs represent more than 99% of the total economic units in the country and generate 68% of total employment 24. However, this business stratum faces deep restrictions to access formal credit. Only 12.4% 25 have access to financing, which compromises their capacity for investment, scaling, and linkage with higher value-added supply chains, generating a structural limitation for the productive transformation of the country.

Low credit penetration is closely linked to the persistence of high levels of informality: it is estimated that more than 80% 26 of the economic units in the country operate outside fiscal formality and 54.5% of the country's workers do not have registration in the social security system 27. 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 limited and concentrated financial supply. In entities such as Mexico City, the Bajío and Western regions exceed 22 bank branches per 100 thousand inhabitants, while in federal entities in the south such as Oaxaca or Guerrero, the average reaches 16 28, 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 federal entities in the country.

Informality and de-banking of businesses may be some of the causes that cause more than half of new ventures to end before completing two years and that only 4.2% of SMEs manage to join global value chains 29. Additionally, geographical financial gaps deepen regional inequality and limit local entrepreneurship capacities, especially in communities with low industrial development or rural.

The NDP 2025-2030 recognizes that reversing this situation is key to democratizing development opportunities and transitioning to a more inclusive economic model 30. In line with the commitments established in the Mexico Plan, a goal has been defined 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 31.

Therefore, from the development model with well-being promoted by the Fourth Transformation, BANCOMEXT proposes a new agenda that promotes equitable access to productive financing that drives exports and strengthens the connection between SMEs through its financing, training, and technical assistance programs. Thus, credit can fulfill its strategic function as a driver of regional development linked to export and foreign exchange generation, productive modernization, and integration of the most lagging companies into the business ecosystem.

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 development and regional growth of the country.

In accordance with what is established in Article 3 of the Organic Law of the National Bank of Foreign Trade, BANCOMEXT as a development banking institution will have as its object to finance the country's foreign trade, as well as participate in the promotion of said activity. BANCOMEXT's strategic vision seeks to strengthen the productivity and competitiveness of Mexican SMEs, integrating them into global export chains through financing and specialized training. For this, BANCOMEXT offers financial and training programs adapted to market changes, with special attention to women and indigenous communities, boosting their management, innovation, and commercialization capacities. It is estimated that by 2030 its credit portfolio will exceed 488.3 billion pesos, for which a total accumulated net borrowing in the period 2025-2030 amounting to 209.6 billion pesos will be required. For 2040, a credit balance of 916.7 billion pesos is estimated.

The vision focuses on SMEs increasing their productivity and competitiveness levels, seeking their survival through the consolidation of companies. To fulfill this purpose, BANCOMEXT 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 creation of business plans oriented towards export. BANCOMEXT 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 strengthen the country's economic sovereignty and foster regional development.

6.- Objectives

The opportunities detected in the scope of the development of national export activity, the integration of the various business strata 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 the financing of export projects.

The definition of BANCOMEXT'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. Has qualified human talent. Bank with great experience, specialized in serving SMEs and companies linked to international trade. 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 wide structure of courses that serves 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. Participate in the strategy to increase national content in products manufactured in Mexico. Wide 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 response times in credit processes. Promote 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 environment 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 productive 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 impacts on agricultural production, logistical infrastructure, and coastal tourist zones. These impacts not only reduce productivity and raise recovery costs but also pressure the demand for financing for reconstruction and climate adaptation, especially in the most vulnerable productive sector such as SMEs.

Nevertheless, this challenging environment also opens a strategic opportunity window 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 strategic sectors such as semiconductors and digital services, aerospace, renewable energy, the automotive industry - with emphasis on electromobility -, chemical and petrochemical, pharmaceutical industry, and medical technology, as well as agroindustry.

This context of relocation and industrial transformation requires strengthening the productive and financial capacities of national companies, particularly SMEs, so that they can insert themselves into regional supply chains, adopt technologies

advanced, comply with international standards and compete in global markets.

Likewise, the transition towards a sustainable economy, driven by global environmental commitments and the growing availability of climate financing, opens up new possibilities for BANCOMEXT 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 advisory services that promote formalization, business growth and balanced regional development.

To respond to these challenges and capitalize on the opportunities of the new economic environment, BANCOMEXT 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, BANCOMEXT 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 BANCOMEXT in a strategic position to promote the development of exporting companies, fostering financial inclusion, and promoting the productive modernization of the country.

Although BANCOMEXT 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 the promotion of products and in the use of digital tools for business prospecting. These actions are part of the institutional agenda to increase operational efficiency and consolidate BANCOMEXT 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, together with the mandate, mission and vision of BANCOMEXT, as well as the objectives and strategies established by the NDP 2025-2030, PRONAFIDE 2025-2030, 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 the Institutional Program of

BANCOMEXT 2025-2030.

6.2- Definition of Objectives

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

Objectives of the Bancomext Institutional Program 2025-2030

1.- Increase financing for SMEs and exporting 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 boost their participation in value chains.

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

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

The generation of foreign exchange, whether through foreign trade, indirect exports or the provision of services, is a source of new business opportunities and a path to economic development. However, according to INEGI's report on January 27, 2025, in 2024, the trade balance balance showed a deficit of 8,212 million dollars. This compares to the 5,470 million dollars observed in 2023. The widening of the deficit, between 2023 and 2024, resulted mainly from a lower surplus of the non-petroleum products balance, which went from 13,091 million dollars in 2023 to 1,832 million dollars in 2024, and a decrease in the deficit of the petroleum products balance, which went from 18,561 million dollars in 2023 to 10,044 million dollars in 2024.

To address the above problem, BANCOMEXT has a strategy for granting financing to Mexican companies based on a sectoral model, in accordance with the priority sectors outlined 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 United States (nearshoring), for which an investment, industrial development and financing strategy is required that contemplates immediate opportunities, as well as medium and long-term ones. Mexico concentrates a large part of its exports in the automotive sector, the relocation of companies opens the door to sectors such as semiconductors, medical devices, electromobility, machinery, processed foods, among others; and, therefore, will boost the diversification of exports.

During 2019-2024, BANCOMEXT has expanded its attention to sectors that cover both the Strategic Projects that were aligned with the NDP 2019-2024 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: Prepared by BANCOMEXT, with information as of 2024.

This strategy emphasizes the importance of job creation and the strengthening of exporting companies, but without neglecting the domestic 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 move 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 boost their participation in value chains

The boost to local supply companies is vital so that Mexican companies can take advantage of this market and benefit, indirectly, from foreign trade, in addition to becoming more competitive worldwide and promoting the closing of regional gaps in the country.

Although Mexico ranks tenth as a world exporter 32 , there is little linkage between the national export industry and the rest of the national economy, especially in terms of supply of Mexican SMEs. The production of goods in Mexico has been characterized by maintaining unchanged the level of national content of 41.5% on average over the last 10 years (according to INEGI figures). 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 linkage); so the benefit in the growth of these industries has a low impact on the development of the national economy. The above is partly due to the limited productive capacity of medium-sized companies, lack of quality certifications and need for skilled labor.

To address this challenge, a strategy is available that seeks to establish productive linkage programs for SMEs with tractor 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.

Boosting 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 SMEs, in national and international value chains. In addition, the greater use of national inputs raises local value added, improving the trade balance and promoting industrial development.

BANCOMEXT has reiterated its support for regional and sectoral development, through second-floor programs, with the aim of strengthening its economic growth, promoting productive linkage and generating jobs, thus gaining 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 BANCOMEXT, with information as of 2024.

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

In Mexico, SMEs generate 68.4% of the country's employment sources 33 . Despite this, their participation in GDP is 52%. Among the various challenges that SMEs must face, we find a low life expectancy (52% of SMEs close in their first two years) and the lack of training for their employees. According to ENAPROCE 2018, only 15.3% of SME companies provided training to their workers. The development of administrative and financial skills allows people to make better decisions for their business, this is achieved through the knowledge of existing tools and putting these skills into practice.

To address the above problem, training and technical assistance will be provided to exporting and foreign exchange-generating SMEs and non-bank financial institutions, with the aim of increasing the penetration of credit in the private sector, for which 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 SMEs; ii) The second focuses on training programs for NFIs so that they can become financial intermediaries for BANCOMEXT. During the 2019-2024 term, training courses were carried out aimed at meeting this objective and efforts will continue to be made to increase the number of companies benefited.

Strengthening the business and financial capabilities of SMEs 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 capabilities 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 approach and social inclusion.

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

The objectives established in the Institutional Program of BANCOMEXT 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. In particular, BANCOMEXT will contribute to the commitment for regional development and relocation, through financing schemes for SMEs and suppliers, aimed at promoting exports, substituting imports, strengthening productive linkage and boosting 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, BANCOMEXT will design training and technical assistance programs, through online and face-to-face courses, in Spanish and 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 to achieve the aforementioned objective, the BANCOMEXT Institutional Program 2025-2030 is oriented towards Strategy 6.6, which seeks "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 business relocation processes, through specific financial vehicles that boost foreign trade.

Action Line 6.6.3: Promote greater financial inclusion of SMEs, 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 supply of credit and guarantees under favorable conditions with the participation of private financial intermediaries, in order to multiply financing, promoting greater financial inclusion with a gender approach 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, BANCOMEXT has designed three priority objectives through which it will provide attention, seeking a positive impact through specific solutions:

Objectives of the Institutional Program

BANCOMEXT

2025-2030

Objectives of the National Program

Financing for Development 2025-2030

Strategies of the National Program

Financing for Development 2025-2030

1.- Increase financing for SMEs and

exporting companies, in sectors and regions

strategic, in order to dynamize their participation

in national economic activity.

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 financial health

of the population.

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 inclusion

financial of its target population, taking into

consideration indigenous peoples and

Afro-Mexicans.

2.- Strengthen the development of suppliers

national, in order to boost their participation in the

value chains.

3.- Promote the financial inclusion of SMEs

exporters, in order to expand access to financing

and generate new credit subjects.

7.- Strategies and lines of action

Objective 1. Increase financing for SMEs and exporting companies, in strategic sectors and regions, with

the aim of dynamizing 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 chains

of value.

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,

in order to boost national economic development.

1.2.2-

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

to foster 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 boost their participation in value chains

Strategy 2.1 Boost regional development, in order to guarantee equitable growth that allows strengthening companies in their integration into value chains

Line of action

2.1.1-

Grant, annually, financing schemes to SMEs operating in regions

with specific productive vocations of each

Federal Entity in order to strengthen local supply.

2.1.2-

Grant, annually, financing schemes to SMEs to achieve their productive conversion, in order for them to be able

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

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

and promote the substitution of imports

Line of action

2.2.1-

Grant, annually, financing schemes to SMEs 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 exporting SMEs, in order to expand access to financing and

generate new credit subjects

Strategy 3.1 Strengthen the business and financial capabilities of SMEs, in order to incorporate new subjects of

credit and facilitate their access to financing

Line of action

3.1.1-

Deliver, annually, training and technical assistance programs, directed to individuals, entrepreneurs and SMEs 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 capabilities, in order to facilitate their incorporation as credit subjects.

Strategy 3.2 Strengthen the technical and operational capabilities 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

The BANCOMEXT 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 BANCOMEXT's actions are having the results and

the expected incidence, or if adjustments are necessary to ensure compliance with the established goals. In addition, they will serve to

citizenship to know the progress in the goals and will be a tool for evaluation and follow-up of the performance of the present

Administration. 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 unrelated to national and international, or by collaboration with other public or private actors for the achievement of its goal. Therefore, the monitoring of the indicators must take into account these and other considerations.

Objective Priority

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 of Sustainable Projects

2

2.1

Financial Inclusion of the Private Sector

3

3.1

Training and Technical Assistance provided.

Indicator 1.1

ELEMENTS OF THE INDICATOR

Name

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

Objective

Increase financing for SMEs and exporting 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

Availability of the information

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

Accounting and Budget Directorate, Administration and Finance Unit

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 TO OBTAIN 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 " SCDI " in 2024

Variable value 1

334,687 million pesos

Source of information variable 1

Institutional databases

Variable name 2

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

Variable value 2

228,631 million pesos

Source of information variable 2

Institutional databases

Variable name 3

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

Variable value 3

59,007 million pesos

Source of information variable 3

Institutional databases

Variable name 4

Induced Credit Balance to the Private Sector in 2024

Variable value 4

47,049 million pesos

Source of information variable 4

Institutional databases

Substitution in method of calculation

SCDeI 2024 = 228,631

• 59,007 + 47,049 = 334,687

BASELINE VALUE AND GOALS

Baseline

Note on the baseline

Value

334,687

Year

2024

Goal 2030

Note on the 2030 goal

488,356

HISTORICAL SERIES OF THE INDICATOR

Values must be recorded according to the measurement frequency of the indicator.

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

2018

2019

2020

2021

2022

2023

2024

269,767

262,384

268,785

255,399

241,724

247,661

334,687

GOALS

You can register NA when there is no goal for that year, according to the measurement frequency.

2025

2026

2027

2028

2029

2030

356,442

379,611

404,285

430,564

458,550

488,356

Indicator 1.2

ELEMENTS OF THE INDICATOR

Name

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

Objective

Increase financing for SMEs and exporting 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

Balance of Eligible Portfolio to the Private Sector according to the Reference Framework for Sustainable Bonds

Balance of credit lines to the Private Sector sustainable executed through International Financial Organizations

Periodicity or frequency of measurement

Annual

Accumulated or periodic

Periodic

Availability of the information

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

Accounting and Budget Directorate, Unit of Administration and Finance

Calculation method

Direct and Induced Credit Balance of sustainable projects in year n.

SCDeIPS n = SCEB n + SCSOFI n

Where:

SCDeIPS n :

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

SCEB n :

Balance of Eligible Portfolio to the Private Sector according to the Reference Framework for Sustainable Bonds, for the verification of the use of resources from sustainable stock market emissions in year n;

SCSOFI n :

Balance of credit lines to the Private Sector sustainable executed through International Financial Organizations (IFIs) in year n.

Observations

A sustainable project is considered eligible according to the Reference Framework for Sustainable Bonds, for the verification of the use of resources from sustainable stock market emissions.

APPLICATION OF THE CALCULATION METHOD TO OBTAIN 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

66,120

Source of information variable 1

Institutional databases

Variable name 2

Balance of Eligible Portfolio to the Private Sector according to the Reference Framework for Sustainable Bonds in 2024

Variable value 2

52,510

Source of information variable 2

Institutional databases

Variable name 3

Balance of credit lines to the Private Sector sustainable executed through International Financial Organizations in 2024

Variable value 3

13,610

Source of information variable 3

Institutional databases

Substitution in method of calculation

SCDeIPS 2024 = 52,510 +13,610 = 66,120

BASELINE VALUE AND GOALS

Baseline

Note on the baseline

Value

66,120

Year

2024

Goal 2030

Note on the 2030 goal

96,478

HISTORICAL SERIES OF THE INDICATOR

Values must be recorded according to the measurement frequency of the indicator.

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

2018

2019

2020

2021

2022

2023

2024

ND

ND

ND

ND

ND

ND

66,120

GOALS

You can register NA when there is no goal for that year, according to the measurement frequency.

2025

2026

2027

2028

2029

2030

70,718

74,995

79,870

85,061

90,590

96,478

Indicator 2.1

ELEMENTS OF THE INDICATOR

Name

Total number of unique companies of the Private Sector, supported with direct or 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

Availability of the information

April of the following year

Unit of measure

Companies

Data collection period

January to December

Expected trend

Ascending

Unit responsible for reporting progress

Accounting and Budget Directorate, Unit of Administration and Finance

Calculation method

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

EUCDeI n = EUCDP n + EUCDS n + EUG n

Where:

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

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

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

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

Observations

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

APPLICATION OF THE CALCULATION METHOD TO OBTAIN 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

Companies supported with direct or induced credit in 2024

Variable value 1

7,664

Source of information variable 1

Institutional databases

Variable name 2

Companies supported with direct credit in first tier in 2024

Variable value 2

290

Source of information variable 2

Institutional databases

Variable name 3

Companies supported with direct credit in second tier in 2024

Variable value 3

918

Source of information variable 3

Institutional databases

Variable name 4

Companies supported with guarantees in 2024

Variable value 4

6,456

Source of information variable 4

Institutional databases

Substitution in method of calculation

EUCDeI 2024 = 290 + 918 + 6,456 = 7,664

BASELINE VALUE AND GOALS

Baseline

Note on the baseline

Value

7,664

Year

2024

Goal 2030

Note on the 2030 goal

11,183

HISTORICAL SERIES OF THE INDICATOR

Values must be recorded according to the measurement frequency of the indicator.

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

2018

2019

2020

2021

2022

2023

2024

4,492

4,649

3,519

3,482

4,263

5,662

7,664

GOALS

You can register NA when there is no goal for that year, according to the measurement frequency.

2025

2026

2027

2028

2029

2030

8,162

8,693

9,258

9,859

10,500

11,183

Indicator 3.1

ELEMENTS OF THE SUB-INDICATOR

Name

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

Objective

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

Definition or description

Measures the total number of unique beneficiaries who accredited 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

Availability of the information

April of the following year

Unit of measure

Unique beneficiaries

Data collection period

January to December

Expected trend

Ascending

Unit responsible for reporting progress

Accounting and Budget Directorate, Administration and Finance Unit

Calculation method

Number of unique beneficiaries who accredited the training courses and technical assistance in year n.

BCyA n = BC n + BAT n

Where:

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

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

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

APPLICATION OF THE CALCULATION METHOD TO OBTAIN 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 accredited the training courses and technical assistance in 2024

Variable value 1

11,175

Source of information variable 1

Institutional databases

Variable name 2

Number of unique beneficiaries who accredited the training courses in 2024

Variable value 2

10,883

Source of information variable 2

Institutional databases

Variable name 3

Number of unique beneficiaries who completed the total modules of the technical assistance in 2024

Variable value 3

292

Source of information variable 3

Institutional databases

Substitution in method of calculation

BCyA 2024 = 10,883 + 292 = 11,175

BASELINE VALUE AND GOALS

Baseline

Note on the baseline

Value

11,175

Year

2024

Goal 2030

Note on the 2030 goal

16,306

HISTORICAL SERIES OF THE INDICATOR

Values must be recorded according to the measurement frequency of the indicator.

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

2018

2019

2020

2021

2022

2023

2024

1,621

4,945

7,672

5,110

6,687

11,175

GOALS

You can register NA when there is no goal for that year, according to the measurement frequency.

2025

2026

2027

2028

2029

2030

11,901

12,675

13,499

14,376

15,311

16,306

Mexico City on October 13, 2025. - General Director of the National Bank of Foreign Trade, S.N.C., I.B.D. , Lic. Roberto Lazzeri Montaño .- Rubric.

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

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

3 Employment Outlook 2024, OECD 2024.

4 CONEVAL, 2023.

5 SE, Foreign Direct Investment Flows, 2025.

6 INEGI, Exports by federal entity, 2025.

7 Trade Map, 2024.

8 INEGI, Value Added of Global Manufacturing Exports, 2024.

9 Trae Map, 2024.

10 SE, Foreign Direct Investment Registry 2023.

11 Technical note " Localities with tourism vocation " prepared by the Directorate of Economic Studies, based on data from Datatur (2025).

12 INEGI, Value Added of Global Manufacturing Exports, 2024.

13 INEGI, Value Added of Global Manufacturing Exports, 2024.

14 INEGI, Population and Housing Censuses, 2020.

15 INEGI, National Employment Survey, 2025.

16 Ministry of Economy (SE), Foreign Direct Investment Registry 2023.

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

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

19 INEGI, Exports by Federal Entity, 2024.

20 Ibidem.

21 INEGI, ENOE, fourth quarter 2024.

22 Ibidem.

23 Source: Sixth Government Report, 2023-2024.

24 National Institute of Statistics and Geography (INEGI), Economic Censuses, National Statistical Directory of Economic Units (DENUE) and National Employment Survey (ENOE), 2024.

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

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

27 INEGI, ENOE, fourth quarter 2024.

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

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

30 National Development Plan (PND) 2025-2030.

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

32 World Trade Organization, 2024.

33 Ministry of Economy, 2024.

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