Today In Cordoba, Ver., Mexico, JAM, LLC was presented an LOI for $750 million MXN ($75 million USD) from FIRA (Fideicomisos Instituidos en Relación con la Agricultura). FIRA is the ministry of the Mexican federal government that aids agriculture with education, technology, subsidies and guaranteed loans. This $750 million MXN LOI will be used for the central region of Mexico, as a pilot to the lending capabilities and transparency of JAM’s SOFIPO in Mexico, Sin Fronteras, S.A. de C.V., a member of Grupo Financiera, JAM, S.A. de C.V.
“We have been waiting for a financial institution willing to help our agricultural industry,” claimed Javier Alemán, director of FIRA, central region. “We are happy to pilot JAM, and hope to no longer face an uphill battle to lend our farmers money the desperately need to modernize. We expect JAM to be everything we have waited for, and more. We hope to have them in all five regions by the end of the calendar year."
"We are absolutely honored to have the trust of FIRA,” stated Jay Gray, CEO of JAM in a later press conference. “We could not ask for such a thing, and here we are, the recipients of the trust of the agriculture ministry. We promise to uphold the highest standards, and work with them [FIRA] to help make Mexico a leader in agriculture efficiency."
Enrique Ordieres, CFO of JAM also added, “This is an exciting prospect, and one we had not anticipated. This will be great for our financial presentation later to the CNBV and to the World Bank. I am going to make sure that all their wishes are honored."