Secretary of Finance Edgar Amador Zamora Emphasizes Importance of Micro, Small, and Medium Enterprises (MSEs)
During the closing of the 88th Banking Convention, Edgar Amador Zamora, head of Mexico’s Secretariat of Fiscal and Credit Public (SHCP), stressed the government’s commitment to fostering inclusive economic growth to enhance the quality of life and well-being for Mexican citizens.
Who is Edgar Amador Zamora?
Edgar Amador Zamora serves as the Secretary of Fiscal and Credit Public (SHCP) under Mexico’s federal government. In this role, he plays a crucial part in shaping and implementing financial policies that support the country’s economic development.
Why are MSEs Relevant?
Micro, Small, and Medium Enterprises (MSEs) are vital to Mexico’s economy, as they account for a significant portion of the country’s GDP and employment. These businesses contribute to innovation, job creation, and local development.
Government-Bank Agreement to Boost Access to Credit for MSEs
On Thursday, the government of Claudia Sheinbaum and the Mexican Association of Banks (ABM) signed an agreement to facilitate increased access to credit for MSEs. The pact aims to raise credit access by 3.5% annually.
- Agreement Details: Under this agreement, the banking sector pledges to collaborate in reducing active interest rates for key credit products targeted at MSEs.
- Government Commitment: The Mexican government remains dedicated to working towards inclusive economic growth, aiming to improve the quality of life and well-being for Mexican citizens.
- Impact on Financial Development: These efforts are expected to have a “substantial” impact on the credit-to-GDP ratio, demonstrating that financial development is a catalyst for inclusive economic growth.
Government Actions to Promote Financial Inclusion
Amador Zamora highlighted the importance of coordinated actions between the government and banks to boost financial inclusion, specifically through increased bancarization.
Additional Topics Discussed at the Banking Convention
Besides MSE credit access, the 88th Banking Convention addressed other significant topics:
- Digitalization: A key component of Plan México, which aims to drive economic development, attract more investments, and enhance public services.
- Reduction of Cash in Circulation: This initiative seeks to modernize Mexico’s financial system and promote a more digital economy.
- Cybersecurity: Ensuring the safety and security of digital transactions and data is crucial for fostering trust in the evolving financial landscape.
The Road to Financial Democratization
Amador Zamora emphasized that financial inclusion is a broad challenge, with the next frontier being the democratization of the financial sector.
