Mexico - Housing Market Development Project

* - -_ d IA 7 M- The World Bank FOR OmCIAL USE ONLY MICROFICHE COPY Report No. P- 5760-ME Type: (PM) ZEARLEY, T/ X38758 / I8 100/ LA21E MEORANDUM AND RECOMMENDATION OF THE PRESIDENT OF THE INTERNAIIONAL BANK FOR RECONSTRUCTION AND DEVELOPMT TO THE EXECUTIE DIRECTORS ON A PROPOSED LOAN IN AN AMOUNT EQUIVALENT TO US$450.0 MILLION TO BANCO NACIONAL DE OBRAS Y SERVICIOS PUBLICOS S.N.C. WITH THE GUARANTEE OF THE UNITED MEXICAN STATES FOR A HOUSING MARKET DEVELOPMENT PROJECT MAY 26, 1992 This d _cuet bas a resricted distibion ad my be ased by recipiens only i tn perfo_ma of ther ofl dutes. Its contents may nt otherwise b dicoed w_itho World Bnk sadotion.  CURRENCY R0UIVALEUT$ Currency Unit - Pesos (Hex$) US$1.00 M Mex$3057 (as of 5/20/92) Monthly Mininm Wage Mex$399,900 (as of 5/20/92). (in the Federal District) FI8GALXIAR January 1 - December 31 ABREVIATIONS AND ACRONYMS BANOBRAS Banco Nacional de Obras y Servicios riblicos S.N.C. (National Development Bank for Public Works and Services) C-TES Certificadoo de la Te.oreric de la Feder4ci6n (Treasury Bills) CPP Costo Porcentual Promedio de Captaci6n (Average Cost of Term Funds to the Banking System) FORMHAPO Fondo de abitaciones Populares (Government's Low-Income Housing Fund) F- rOVWI Fondo de Operaci6n y Financiamiento Bancarlo a la Vivienda (Housing Fund for Cammercial Banks) nos Multiples of Monthly Minimum Wage -SDUE Secretaria de Desarrollo Urbano y Ecologia (Ministry of Urban Development and Ecology .~~  FOR OMCIAL Use ONLY HOUSING MARKET DIVELOPMENT PROJECT LOAN AND PROJECT SUMMARY Banco Nacional de Obras y Servicios Piblicos, S.N.C. (BANOBRAS) Guarantors United Mexican States Executina Atencvs Banco de Mexico (The Mexican Central Bank) as trustee for Fondo de Operaci6n y Pinanciamiento Bancario a la Vivienda (FOVI) Amounzts US$450.0 million equivalent Terms: 15 years. including 5 years of grace, at the Bank's standard variable interest rate. Financism Plsnt Local Foreis Total - GUS$ Million FOVI 984 984 IBID 52 398 450 Homebuyers' 160 160 Downpayments 1.196 398 1.5