IDB Invest, the private sector institution of the Inter-American Development Bank (IDB) Group, has granted a local currency financing program for 150 million Mexican pesos to the Mexican company Procsa, to finance the acquisition of land for the development and commercialization of housing for low and middle income families in Mexico.
The deal will support the diversification strategy of Procsa's long-term financing sources and will increase the supply of housing in Mexico City and the State of Mexico. It is expected that the number of homes built per year will increase to more than 400 units over the next few years.
Procsa is a network of companies whose main activity is the development, design, construction and sale of affordable housing for low and middle income families in Mexico. Procsa has built more than 18,000 homes in recent years, recovering urban spaces once abandoned or contaminated by urban industrial uses.
IDB Invest financing includes advisory services to create sustainable designs and construction certifications to ensure that the units built reduce the impact on the environment.
It will also promote sustainable construction practices in planning, the use of energy, the conservation and use of water and construction materials.
About IDB Invest
IDB Invest, the private sector institution of the Inter-American Development Bank (IDB) Group, is a multilateral development bank committed to supporting Latin America and the Caribbean businesses. It finances sustainable enterprises and projects to achieve financial results that maximize economic, social and environmental development for the region. With a current portfolio of US$11.2 billion under management and 330 clients in 23 countries, IDB Invest works across sectors to provide innovative financial solutions and advisory services that meet the evolving demands of its clients.
Procsa is a leading company in the development, construction and commercialization of popular and medium-sized housing, mainly in Mexico City and the State of Mexico. Since its founding in 1960, more than 18,000 homes have been built that are aligned with its mission to offer high quality homes in each of its developments, by optimizing resources, giving a personal, friendly and honest treatment to its customers. Currently, the company develops vertical and horizontal housing under the brand name Idyllic, placing special emphasis on environmental issues and sustainability. Its developments are located in strategic areas with access to public transport, equipment and mixed uses, generating an important surplus value in the heritage of Mexican families.