MEXICO CITY, June 10 (Xinhua) -- Mexico's development bank for foreign trade, Bancomext, announced Sunday it had agreed to a line of credit of up to 50 million U.S. dollars from the Nordic Investment Bank (NIB) in order to finance clean energy and energy efficiency projects.
In a statement, Bancomext said it had signed a letter of intent with the NIB to improve economic and trade cooperation between Mexico and the eight countries who make up the Nordic bank.
"In this document, the NIB committed its financial help to projects linked with the generation of clean energy and energy efficiency in Mexico, with equipment and technology of Nordic/Baltic origin in accordance with Mexican laws and norms," it wrote.
"Both institutions committed to closing ... a line of credit of up to 50 million dollars, which the Nordic Investment Bank will provide to Bancomext," it continued.
The NIB, an international financial institution founded in 1975, is made up of Denmark, Finland, Iceland, Norway, Sweden, Estonia, Lithuania and Latvia.
Mexico is seeking for 43 percent of its electricity to come from clean sources by 2024.
On April 11, Mexico's energy minister, Pedro Joaquin Coldwell, said that the three electrical tenders carried out by Mexico until now would generate investments of up to 8.6 billion U.S. dollars by private companies by 2021.