Summary of Proposed Investment
Project Number
4916
Company Name
General Hipotecaria, S.A. de C.V.
Date SPI Disclosed
Oct 28, 1996
Country
Mexico
Industry
Financial Markets
Status
Completed
Sector
Primary Mortgage Institutions
Department
Global Industry, Financial Markets
Environmental Category
C - No Impact
Previous Events
Approved : Jun 10, 1997
Signed : Feb 17, 1998
Invested : Mar 10, 1998
Project Description
Summary Of Project Information (SPI)
| Project Name | Mexico - General Hipotecaria |
| Region | Latin America and Caribbean |
Sector
Project No004916
Projected Board DateNovember 28, 1996
Company NameGeneral Hipotecaria, S.A. de C.V. (GH)
Technical Partner and/or Major Shareholders
The project’s sponsors are Mr. Jose Manuel Rivero, a prominent Mexican banker, and his business partner, Mr. Luis Contreras, an experienced accountant and financial specialist, who together manage the Company. The U.S. Federal National Mortgage Association (Fannie Mae) is being considered for the role of the Company’s technical partner.
Project Cost Including proposed IFC investment
US$8 million, including a proposed IFC equity investment of US$2 million
Location of project and Description of site
The project is located in Mexico City and will provide residential mortgage-related financial services throughout Mexico.
Description of Company and Purpose of Project
GH is a recently-formed Mexican private second-tier home mortgage bank, whose purpose is to develop the secondary market for home mortgages and mortgage-backed securities in Mexico. The project will be the first local-currency mortgage securitization operation in Mexico. IFC’s institution-building role is important, given the need to strengthen the institutional framework for home mortgages in Mexico. The project will include an assessment of the Mexican secondary mortgage market and IFC assistance, in collaboration with the IBRD, to federal and state authorities to strengthen the housing finance framework.
Environmental Category and Issues
This is a category C project according to IFC’s environmental review procedures. No further environmental review is required.
| Date SPI sent to PIC | October 28, 1996 |
For Additional Information contact: Corporate Relations Unit -
telephone: (202) 473-7711
facsimile: (202) 676-0365
Sponsor / Cost / Location
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