He Ministry of Economythrough the Secretary of Industry and Productive Development, Jose Ignacio de Mendiguren, presented a Tuesday extension of the Argentine credit line (CreAr)which will benefit micro, small and medium-sized enterprises (MiPymes) with new items that will take the program up to $1 billion in total. The goal is to sustain economic activity. Yesterday they announced disbursements from multilaterals to promote the digital transformation of the sector.
The announcement was made this afternoon during an act held at the La Dolce company factory, in the Buenos Aires municipality of Malvinas Argentinas.
The head of the Industry portfolio was accompanied by the Undersecretary for SMEs, Thomas Canosa; the president of Banco Nacion, Silvina Batakis; the president of the Investment and Foreign Trade Bank (BICE), Michael’s Marian; and the local mayor Noelia Correa.
Increases in credit for MiPymes
The SME undersecretary, Tomás Canosa, explained in detail the modifications in the line for MiPymes of the National Bank it increased its quota from $20,000 million to $100,000 million.
Also, the line of BICE it was increased from $10,000 million to $50,000 million; while the line for the promotion of exports and the increase of imports in SMEs increased its quota by $20,000 million, which in total represents $150,000 million.
Thus, by adding $150,000 million to the $850,000 million that the Crédito Argentino (CreAr) program already had, the total amount of the program amounts to 1 trillion pesos.
sustain activity
On the occasion, From Mendiguren assured that “the Minister of Economy, Sergio Massa, told us that we should be obsessive with maintain production, the level of activity and employment” and stressed, in this sense, that “this economic policy embraces production and not financial speculation.”
“The level of activity in the industry is still 15% above the pre-pandemic; investment is 17.5%, the highest point in 8 years; we have been generating employment in the industry for 34 consecutive months; 23 of the 24 provinces have generated formal private employment in the last two years. Where is that Argentina that they say is disjointed?”, added the Secretary of State.
And he concluded: “We are on the eve of a great Argentina, it depends if we face it from the vision of financial speculation or from the vision of a productive Argentina.”
Economic activity in the country registered an advance of 1.5% in the first quarter of the year compared to the same period in 2022, according to data released today by INDEC.
Source: Ambito
