By Editorial Staff
INFONAVIT is the most important social mortgage institution in Mexico that has influenced on one of every four Mexicans who lives in a financed house this year, has taken its mission and vision with a new perspective, a new attitude and a renewed pace of work which has enabled it to maintain the positive results given over the years.
For the period 2010-2014 a goal of credits has been established to benefit more than 2.8 million entitled to acquire a house taking advantage of some of the financing options that the institution offers. The economic income associated with credits would ascend to about one billion pesos.
It is estimated that in this five-year plan, 92 percent of these loans will be financed with INFONAVIT’s own resources and the financial sector through the co-financing programs, the rest will come from the participation of the institution in the markets.
2010 Agenda
For 2010, it is planned to carry out 475 thousand loans nationwide representing an associated investment of 145 thousand 685 million dollars coming from the traditional income sources of the institution and the participation of financial institutions in partnership programs.
The priority line of the institution is to attend the segments of low-income workers. 60 percent of loans will go to those whose income does not exceed the 6 thousand 664 pesos a month (four times the minimum wage).
If there is sufficient supply and demand, 50 thousand credits additional to the base program are planned to be given so to reach 525 thousand loans to be financed primarily through additional resources from the issue of CEDEVIS and other alternate funding sources. The estimated amount to grant such credit is of 15 thousand 500 million pesos.
“The financial sector will invest over 43 billion pesos in the extension of credit to dependents of INFONAVIT, 40 percent more than in 2009, a true reflection of the confidence one has in the course the country is taking”, said Víctor Borras Setien, general director of INFOANVIT at the closure in December of the 97th General Assembly before Felipe Calderón Hinojosa, President of the Republic. It was also approved the financial plan for the five-year period 2010-2014 as well as for the Work and Funding Program 2010.
Current Federal Administration
During the present administration, INFONAVIT has granted more than 1.4 million loans, which have resulted in an economic income higher than 400 billion pesos nationwide.
Based on the approval of the five-year plan, INFONAVIT will be able to provide 1.6 million credits over the next three years, which will translate into higher economic income of 534 billion pesos.
This way, three million workers entitled will have acquired a house financed by the institution.
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