“It’s $500,000 million, it’s the largest credit ever known in Argentina for the small and medium sector. I think it constitutes a before and after in the productive financing policy, not only because of the size of the investment but also because of the the way in which we are articulating all the sectors”highlighted the official.
CreAr will mobilize $250,000 million in credits with a rate bonus of up to 30 points by the National Government, through the National Productive Development Fund (Fondep). The secretary indicated in declarations to Radio Del Plata that the lines are directed “to SME exports, to investments in capital goods, to change the productive matrix of Argentina”.
The “other $250,000 million -will be- to give guarantees to SMEs, so that they can go to the financial sector to obtain loans for equipment.”
Regarding the new measures, Mendiguren indicated that “the important thing is that public banks and also private banks participate in this project, and above all also provincial banks that can raise an additional 5% rate subsidy. This aims to maintain the level of activity of the productive system in Argentina.”
“Our country has structural problems and the definitive way out is growth, it is that we multiply the income of dollars. These measures have to do with that, the capital goods are the ones that have to supply the gas industry, the oil industry, the mining industry, which are having such a great development in Argentina. This is why we are giving a new law and $500,000 million in credit to the entire sector so that it continues to grow. This is the way to structurally fight inflation, unemployment, social plans”, said Mendiguren.
“In December 2019, the capital goods production sector used just 44.5% of its installed capacity after accumulating 20 consecutive months of contraction. Today the use of installed capacity is more than 60% in the sector and 70% in the entire industry,” said De Mendiguren, as reported by the national portfolio.
During the interview, the Secretary of Industry and Productive Development announced that next Tuesday he will bring together all the ministers and those responsible for the productive areas of the provinces in order to “have a direct, real vision of what is happening in the real economy of the country, which is very different from what we are seeing in Buenos Aires”.
Source: Ambito
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