Economy:
Mexico's free market economy recently entered the trillion-dollar class, with a $1.068 trillion GDP (2005). Income distribution is highly unequal, however, and as much as 26 percent of the population lives on less than $2 per day. Per capita income of $10,100 is one quarter that of the U.S. Trade with the US and Canada has tripled since NAFTA in 1994, but the importing of corn and other agricultural products from the north has negatively impacted many Mexicans who make a living from farming.
Services provide 58 percent of job, industry 24 percent and agriculture 18 percent. While unemployment is reported at just 3.6 percent, there is widespread underemployment, as high as 25 percent.
Climate For Microfinance:
- Laws and regulations permit MFIs to transform into specialized finance companies.
- The potential impact-and need for-microfinance services is enormous. The World Bank's Doing Business database calculates that Mexico's informal economy accounts for 30.1 percent of GNP.
FINCA Mexico (Founded 1989)
FINCA Mexico was the first FINCA affiliate to surpass the 100,000-client mark and is helping create jobs, build assets and improve the standard of living for our clients and the more than half a million children and adults in their families. Some 60-70% of our client population, which has grown more than sixfold in just three years, lives below the poverty line. About 75% live in rural areas. Some 70% are involved in selling goods, 20% in services and the rest in processing or selling farm products. FINCA serves clients in 12 of Mexico's 31 states.
FINCA Mexico has received the highest possible rating from an independent rating agency specializing in microfinance institutions. The agency examined all aspects-financial, managerial, and programmatic-of the operation and deemed it "excellent."
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Meet Margarita Garcia Gonzaga
FINCA Mexico
Clients: 138,535
Village Banking groups: 13,325
Percent women: 89%
Average loan: $563
Loans outstanding: $44,454,737
Services: Village Banking, micro-insurance
Background
Geography: Mexico has a nearly 2,000-mile long northern border with the United States and shares borders with Guatemala and Belize to the south.
Population: 107.4 million
Ethnicities: Mestizo (Amerindian-Spanish) 60%, Amerindian or predominantly Amerindian 30%, white 9%, other 1%
Religions: nominally Roman Catholic 89%, Protestant 6%, other 5%
Average life expectancy: 75.4
Median age: 25.3 years
Literacy: 92.2 percent
Government: Federal republic.
* Program information is updated on a monthly basis from reports from the field.
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