Mexican Government’s Stimulus Measures Target Housing and Infrastructure Sectors
On 13 September, Mexican President Enrique Peña Nieto announced a MXN27 billion (US$2 billion) economic growth acceleration program that targets financing support for the housing industry, consumption credit and infrastructure. Although many details are currently unknown, the government announced that close to half of the stimulus funds would be allocated to the housing sector and will be spent by year-end through Mexico’s Sociedad Hipotecaria Federal S.N.C. (SHF), a second tier housing bank, and the National Housing Commission, CONAVI. Together with the previous MXN6 billion allocated to a revolving syndicated loan program through two development banks, SHF and Nacional Financiera, this new stimulus funding brings the total spending by the Peña Nieto government on the housing sector to about MXN34 billion (US$2.6).