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World Bank subscribes USD 50 million for extension of credit lines for SMEs

The aim is to foster long-term financing for micro, small and medium enterprises that do not have access to that benefit.

The Minister of Finance, Luis Caputo, together with the Vice President of the World Bank for Latin America and the Caribbean, Jorge Familiar, signed a financing agreement of the International Bank for Reconstruction and Development (IBRD) for USD 50 million to cooperate in the execution of the Longer Term Financing Access for Micro, Small and Medium Enterprises Project (MiPyMES, for its acronym in Spanish). The agreement was signed at the World Bank headquarters in Washington DC within the context of the trip of the team of the Ministry of Finance to the United States to participate in the 2018 World Bank Spring Meetings.

“The World Bank and its bodies, such as the IBRD, are strategic allies in the promotion of productive development and support of financial policies for SMEs and entrepreneurs”, Caputo highlighted at the execution of the agreement.

The goal of the Project is to improve the access and strengthen the margin for long-term loans for Micro, Small and Medium Enterprises that meet the requirements.

The project will finance three elements: the Credit Line; the technical assistance and the development of capacities of the Investment and Foreign-Trade Bank (BICE, for its acronym in Spanish) that includes Reforms in the Financial Infrastructure, the promotion of the credit guarantee fund and the Strengthening of MiPyMES Capacity; and the Project Management.

The IBRD is an international organization created in 1944, part of the World Bank Group. The goal of this organization is to contribute to the development of the nations through loans for member countries.