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The Government dissolved the Fondagro, a trust created with Mauricio Macri

The Government dissolved the Fondagro, a trust created with Mauricio Macri

Javier Milei’s management argued in Resolution 333/2024 to provide “greater transparency and efficiency in the National Public Administration.”

Ignacio Petunchi

The Ministry of Economy revoked the National Agroindustry Trust Fund (Fondagro). In this way, the holder of the portfolio, Luis Caputoended a tool that the sector had to develop agribusiness.

Javier Milei’s management argued in Resolution 333/2024: “Attentive to the current economic context and given the decision of the National Executive Branch to promote greater transparency and efficiency of the National Public Administrationit is appropriate to proceed with the revocation of the aforementioned Trust Contract and, therefore, with the extinction of the National Agroindustry Trust Fund (FONDAGRO) trust.”

The regulations establish: “The Trust Contract signed on April 10, 2017 between the former Ministry of Agroindustry and Nación Fideicomisos SA (current BICE Fideicomisos SA), whose contract model was approved by virtue of the provisions of the rResolution 20 of February 10, 2017 of the former Ministry of Agroindustry.”

Caputo ordered to empower the Legal and Administrative Secretariat of the Ministry of Economy to arbitrate and proceed with the liquidation of the fund under the terms established in the trust contract. At the same time, transferred the credits in favor and that are not payable to the National State through the Ministry of Economy.

Fondagro: what was it intended for?

The Fondagro was destined to reduce the financial costs of lines of credit for different agricultural sectors. As of this resolution, the funds resulting from the collection management of debts would be deposited in the General Treasury of the Nation.

During the administration of the then president, Mauricio Macri; the fund counted on 2017 with a budget of up to $1,700,000,000. At that time, it was established that the maximum duration of this contract was 30 years from its date of signing.

The trust was created in order to provide loans, interest rate discounts, non-refundable contributions, capital contributions in companies, among other financing instruments.

As officially stated at its creation, the object of FONDAGRO was to “incentivize, promote and develop the agro-industrial sector; plant, animal and food health and quality; territorial development and family farming; pure and applied research and its extension in agricultural and fishing matters; and regional productions and/or “provincials in the various areas of the country”.

Source: Ambito

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