“After a stage in which the Bank province was at the service of financial speculation, we were able to reverse that situation and recover its historic role in terms of productive credit for development and job creation,” Kicillof remarked, adding: “The public banking of Buenos Aires has once again honored its 200 years of history, once again becoming a key instrument to boost production in the province of Buenos Aires”.
“In these two years we grew a lot in productive financing, but also, three out of every four pesos that we gave in loans to companies went to the SME sector”expressed Juan Cuattromo, president of Banco Provincia, added: “Governor Axel Kicillof has the political commitment to use all the tools at his disposal to continue supporting production and promoting the generation of quality jobs, because it is the only way in which we are going to be able to sustainably improve living conditions of the people of Buenos Aires”.
78% of the financing granted to companies had an attenuated rate by Banco Provincia, the Ministry of Production, Science and Technological Innovation of Buenos Aires or the Ministry of Productive Development of the Nation through FONDEP.
The great demand, in this case, is directly linked to the reactivation of the economy after the pandemic and, in particular, by the special lines with rates of 20 to 24% for the purchase of agricultural machinery that Buenos Aires public bank offered during Expoagro, last March. While in the first five months of 2021, 1,237 loans were placed for $8,980 million, in 2022 there were 2,298 loans for $27,640 million, more than triple the previous year.
The agro-industrial complex was a great catalyst for credit during the first stage of the year. The placements here represent 55% of all financing to companies of the Bank. One of the most used products by the sector is the Procampo Card, which registered operations for $21,174 million, 160% more than in 2021.
Source: Ambito
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