The Minister of Economy made available $30 billion, which is added to the expansion of $50 billion, reaching a total of $100 billion.
The Minister of Economy, Sergio Massa, together with the president of Banco Nación, Silvina Batakisand the Secretary of Industry and Productive Development, Jose Ignacio de Mendigurenthey announced a new extension of the Argentine Credit line (CreAr) for SMEs, during the Productive Council that was held within the framework of the Expo BNA Conecta.
The Ministry of Industry and Productive Development of the Nation extended this week the CreAr Inversión PyME line with Banco Nación for $80 billion, in addition to the $20 billion in financing that has already been granted. The line has an investment from the National State in the bonus of 27 percentage points of rates, so that companies have access to financing with competitive rates, from 49%with a term of 5 years.
“Here there is a decision that is to promote the level of investment to sustain and increase the volume of production of goods and the volume of exports. It is not giving away credits as some say, but simply betting that those who get up every day, invest, produce, generate employment, value and also foreign currency for Argentinahave promotional tools because for the State it is important to increase, multiply the production of goods and exports”, said Massa.
In this regard, he stressed that “we raise the rate for those who speculate, but we lower the rate for those who produce. Because it is a choice regarding a country model in which there is a debate and a permanent tension between the economy associated with the generation of value, industrial development, job creation, versus the economy associated with speculation and also the generation of fictitious value based on the search for profitability in financial instruments”.
Mendiguren maintained: “There are three important things that we must emphasize. First the political definition of assist the productive sector, with investment at rates compatible with production to sustain the level of activity. On the other hand, the expansion of funds that respond to a high demand for credit throughout the country. 65% of the financing that has been granted in this line was given outside the AMBA. And finally, the political decision to continue accompanying the change in the productive structure of Argentina. 70% of the credits are looking at the world to come and what the world of Argentina requires”.
The announcement was made within the framework of the inauguration of the Productive Council for Large Companies, which was attended by the president of the Argentine Industrial Union (UIA), Daniel Funes de Rioja; the director of Banco Nación, Martín Pollera; the second vice president of the BNA, José Ballesteros; the main deputy general manager of Business, Gastón Álvarez, and more than 65 representatives of firms from all over the country in the industrial, commercial and service sectors.
“This is the eighth productive advice that we have carried out. The objective is to listen to you to understand the problems and see where we can improve. The BNA is throughout the territory and knows the particularities of each province and our offer has to offer solutions in each of its territories”, highlighted Batakis. And he stressed that “On day one we sold out the first $10 billion in the first hour and yesterday too, in the first 7 minutes. We want our productive ecosystem to continue growing because if things are going well for you, the country is doing well.”
Source: Ambito
