A bill to boost bank lending in Mexico would have an immediate impact on the economy, helping to boost growth as soon as next year, Deputy Finance Minister Fernando Aportela said.
The bill encourages development banks to work more closely with the financial industry to lift lending, which reached only 26 percent of gross domestic product last year, Aportela said today at the Bloomberg Mexico Conference in New York. Aportela said he expects the reform bill, which was presented in May, to be debated in special congressional sessions in August.
Mexico’s commercial bank lending as a percentage of GDP is the lowest among Latin American nations, according to the most recent data from the International Monetary Fund. President Enrique Pena Nieto’s reform proposals, which also include measures targeting the energy industry and taxes, would lift growth by at least one percentage point, Aportela said.
“We’re trying to have in our package elements to accelerate” the impact on the economy, Aportela said. “We’re expecting to feel the effects of the financial reform, if we get approval by Congress, during 2014.”