Ildefonso Guajardo Villarreal, Mexico's Secretary of Economy, said the government will put 18 billion Mexican pesos into several state-run development banks in order to stimulate investment and employment at small and medium-sized enterprises, according to a report in El Economista.

The banks involved in the effort include: Nacional Financiera S.N.C. Institución de Banca de Desarrollo, Banco Nacional de Comercio Exterior S.N.C. Institución de Banca de Desarrollo and Banco Nacional de Obras y Servicios Públicos S.N.C.

Under the plan, the banks would use the capital from the state to offer more credit than they otherwise would, in some cases multiplying the original amount by up to fivefold.

The move is a part of President Enrique Peña Nieto's programs for boosting investment and protecting the economy of Mexican families.

As of March 27, US$1 was equivalent to 18.88 Mexican pesos.