Washington, D.C., May 19, 2004—The International
Finance Corporation, the private sector arm of the World Bank Group, will
provide $20 million in long-term debt financing to Inversionistas en Autotransportes
Mexicanos S.A. de C.V. (IAMSA). IAMSA and its affiliated companies, Omnibus
de Mexico S.A. de C.V., Grupo Toluca and Flecha Amarilla are among the
largest intercity bus operators in Mexico. This is IFC’s first financing
ever in the bus transport sector.
IFC’s financing will support the $369 million fleet renovation program
the group is conducting between 2002 and 2005, which includes acquisition
of 1,985 buses. The Mexican transportation group’s bus renewal program
is expected to have a number of significant impacts: increasing its
fuel efficiency, reducing its emissions, lowering costs for operations
and maintenance, and improving safety and service quality for customers.
Bus transport is the dominant mode of public transportation in Mexico,
accounting for over 90 percent of total passenger transport.
“IFC’s financing of fleet renewal for IAMSA group, one of the largest
intercity bus operators in Mexico, will help provide modern and efficient
intercity transport services in Mexico. These services play a critical
role in the country’s economic activity, regional integration, and mobility
for the local population,” said Francisco Tourreilles, Director of IFC’s
Bernard Pasquier, IFC's Director for Latin America and Caribbean, added,
"By supporting a leading group of bus operators in Mexico, this investment
will contribute to development of the country's transportation infrastructure.
We look forward to working with IAMSA in supporting future investments."
Rafael Herrera Fernández, President of IAMSA, noted, “Our group not only
has the youngest fleets in the country, but also has a strong policy of
innovation in its operations and administrative procedures. The group is
committed to maintaining its leadership in implementing the most advanced
technology for transport, communications, and information. This helps us
provide the best service to clients, as well as protect the environment
and serve local communities.”
Mr. Herrera added, “ It is a great privilege to have the support of IFC,
because this confirms the reputation that our group has earned in the financial
sector, locally and internationally.”
IAMSA and its affiliates are leaders in the Mexican intercity bus transportation
market, serving 20 of 32 Mexican states, in the center and north of the
country. These states comprise the most populated parts of the country,
accounting for 73 percent of the population and 80 percent of Mexico’s
The mission of IFC (www.ifc.org)
is to promote sustainable private sector investment in developing countries,
helping to reduce poverty and improve people's lives. IFC finances private
sector investments in the developing world, mobilizes capital in the international
financial markets, helps clients improve social and environmental sustainability,
and provides technical assistance and advice to governments and businesses.
From its founding in 1956 through FY03, IFC has committed more than $37
billion of its own funds and arranged $22 billion in syndications for 2,990
companies in 140 developing countries. IFC's worldwide committed portfolio
as of FY03 was $16.8 billion for its own account and $6.6 billion held
for participants in loan syndications.