Garza: “The U.S. Mission in Mexico is proud to have played part in establishing this innovative financial institution, the first of its kind in Mexico and Latin America.”
Pachuca, Hidalgo, August 1st, 2006 — “I would like to congratulate the state of Hidalgo for creating and implementing the Hidalgo Financial Institute,” said U.S. Ambassador to Mexico Tony Garza in a ceremony to announce the launching of a new revolving fund in the state of Hidalgo. “The U.S. Mission is proud to have collaborated in the creation of this innovative financing vehicle, the first of its type in Mexico or Latin America.”
U.S. Ambassador to Mexico Tony Garza commended the new Institute, announced by Hidalgo Governor Miguel Angel Osorio Chong, the result of cooperative efforts and sharing of information between the U.S. Embassy in Mexico City, through its U.S. Agency for International Development (USAID), Evensen Dodge International, and the Government of Hidalgo.
The main objective of the Institute is to help the state government identify opportunities to introduce new financial practices to facilitate access to the capital market, in order to improve its debt planning and borrowing needs.
“Thanks to your efforts, Hidalgo and its municipalities will now be able to access financing for public infrastructures such as roads, schools and water systems. The citizens of Hidalgo will directly feel the benefits of your hard work, something everyone in this room should be very proud of,” said the Ambassador.
The Hidalgo Financial Institute will grant the state of Hidalgo and its municipalities with access to better options for infrastructure projects for the people. Hidalgo expects to issue the peso equivalent of $250 million through this new financing structure.
Forty-three of the fifty U.S. states have revolving funds similar to the Hidalgo Financial Institute. These institutions have been critical in the development of communities in the U.S. “I am a firm believer that financing projects like the Hidalgo Financial Institute provide results,” added Ambassador Garza.