COFIDAN

Origins

In light of Article 117, Section VIII, of the Mexican Constitution, the Mexican Ministry of Finance and Public Credit (SHCP) determined that creating a financial institution would be the best mechanism for channeling NADBank loans to state and local public entities in Mexico. Therefore, on October 15, 1998, the Corporación Financiera de América del Norte, S.A. de C.V. SOFOL (COFIDAN) was legally incorporated in Mexico. Unlike NADBank, which is an international organization, COFIDAN is a Mexican company.

By a decision of its shareholders, on October 20, 2006, COFIDAN became a non-regulated, multipurpose financial institution—known by its Mexican acronym as a “SOFOM”—which allowed it to continue carrying out its mandate while streamlining its administrative processes and requirements. Consequently, as of the above date, the company’s name was modified to Corporación Financiera de América del Norte, S.A. de C.V. SOFOM E.N.R. (COFIDAN).

Operations

COFIDAN’s management and administration is entrusted to a Board of Directors composed of NADBank officers.

COFIDAN and NADBank work in coordination during the project development process. Once the NADBank Board of Directors authorizes a loan for a project sponsored by a Mexican state or municipal government or other local public entity, the funds are channeled through COFIDAN, which enters into a loan agreement with the project sponsor. COFIDAN and NADBank also work together during the disbursement and repayment phases of the loan, supervising the proper use of the funds.

Contact Info

Capricornio # 119
Colonia Prado Churubusco, C.P. 04230
Alcaldía Coyoacán
Ciudad de México
Tel.: 011 [52] 55 9000-3280
Fax: 011 [52] 55 5697-4958

Links

COFIDAN information at the “Buró de Entidades Financieras”

Buró de Entidades Financieras de México

Documents

• COFIDAN Bylaws
• COFIDAN Products
• COFIDAN Loan Policies and Procedures
• COFIDAN Privacy Notice
• COFIDAN Financial Education

Projects

To date, 60 projects have been financed through COFIDAN.