Mexico City, March 11, 2008—IFC,
a member of the World Bank Group, today signed an agreement with Vinte,
an innovative home builder in Mexico, to increase the availability of high-quality
and environmentally efficient housing for low- and middle-income people.
This will be IFC’s first-ever investment in housing construction in the
emerging markets it serves.
IFC’s investment of $22.5 million includes $10 million in equity, for
10.6 percent of Vinte’s shares, and a $12.5 million long-term revolving
line of credit.
“IFC’s financing will support our business model and innovative research
program. This will enable us to continue helping raise living standards
for low- and middle-income families in Mexico,” said Sergio Leal, CEO
The rising demand for housing in Mexico, coupled with a steady growth in
jobs, is contributing to a healthy home building sector. In five
years, Vinte has capitalized on this market, transitioning from a small
start-up to a successful midsize firm. The company specializes in an integrated
approach to housing development that emphasizes community, availability
of amenities such as Internet access and security systems, and post-sale
services for property conservation and maintenance. Vinte practices green
building, focusing on environmentally friendly systems—what it calls the
“G7habitat” concept—that encourage more efficient use of water, gas,
“This project aligns with our strategy to help expand the local home building
market in Mexico. We are pleased to support Vinte, a leader in green building
and affordable housing,” said Lars Thunell, IFC Executive Vice President
and CEO, who signed the agreement during his first visit to the country
since joining IFC.
Since 2001, IFC has invested
$509 million to support the growth of Mexico’s housing finance sector
and help expand access to mortgages for low-income families. As part of
its strategy, IFC collaborated with the Sociedad Hipotecaria Federal to
help develop a vibrant primary mortgage market, ensuring local currency
financing to key originators such as Su Casita and Hipotecaria Nacional.
IFC also helped develop a sound secondary mortgage market with clients
including GMAC and Metrofinanciera.
The investment in Vinte is another phase of IFC’s strategy, which includes
more involvement in the supply-side by supporting construction companies
that target lower-income people.
IFC, a member of the World Bank Group, fosters sustainable economic growth
in developing countries by financing private sector investment, mobilizing
private capital in local and international financial markets, and providing
advisory and risk mitigation services to businesses and governments. IFC's
vision is that people should have the opportunity to escape poverty and
improve their lives. In FY07, IFC committed $8.2 billion and mobilized
an additional $3.9 billion through syndications and structured finance
for 299 investments in 69 developing countries. IFC also provided advisory
services in 97 countries. For more information, visit www.ifc.org.
Vinte is a Mexican housing
construction company that has developed the G7habitat concept, which uses
new technologies to improve living standards in housing developments for
low- and middle-income families. The company, which also created the Real
Paraiso trademark, has signed cooperation agreements with Intel, Microsoft,
Infonavit, Mexico's Council for Science and Technology (CONACYT) and the
Manchester Business School. Vinte has received several distinctions, including
the National Housing Award. The company operates in the states of Mexico,
Hidalgo, and Quintana Roo. For more information, visit: www.vinte.com.mx