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Inter-American Development Bank to back CEMEX microfinancing for low-income families

Date published: June 29, 2011

Patrimonio Hoy, CEMEX’s microfinancing program for housing self-construction, will expand its coverage to reach more low-income families in Mexico, Colombia, Costa Rica, Nicaragua, and the Dominican Republic thanks to partial credit guarantee of up to US$10 million from the Inter-American Development Bank (IDB). It is expected that this backing will allow the company to benefit over 750,000 families during the next five years.

Inter-American Development Bank to back CEMEX microfinancing for low-income families

Patrimonio Hoy, one of the most successful social programs in Latin America, provides low-income families living in urban and semi-urban areas with access to building materials such as cement, concrete blocks, and steel. Patrimonio Hoy provides these products at average market prices as well as microfinancing, technical advice, and logistical support to assist participants in building their own homes.

The backing from the IDB will allow Patrimonio Hoy to grow its credit offerings, which could, for example include paying for labor related to the construction of homes. The agreement was approved on June 22 and signed at BASE, the first IDB Forum for the Development of the Base of the Pyramid in Latin America and the Caribbean which is taking place in Sao Paulo, Brazil.

Through Patrimonio Hoy, from 1998 until today, CEMEX has supported more than 300,000 low-income families through the awarding of microfinancing for the purchase of building materials and specialized technical advice. The program has counted with the support of the company’s distribution network as well as a promotion network based on enterprising women who live in the communities themselves, which has generated an important number of jobs.

As a global building materials company, the best way for CEMEX to contribute to the worldwide effort to eradicate poverty is to increase access to its building materials and services among disadvantaged groups. At a global level, the company’s initiatives seek to promote affordable housing and achieve better community infrastructure.