Jump advances in the request for financing of the Inter-American Development Bank (IDB) upon approval of two models of guarantee contract for the execution of the “Productive and Export Development” program for an amount of US$50 million.
Through the Decree 655/2024 Published in the Official Gazette, it is established that the province seeks to promote sustainable economic growth through the strengthening of sectors with growth potential, generation of knowledge, employment and internationalization.
The objectives of this programme, specifically, are:
1. Improve the competitiveness and internationalization of companies in priority sectors through investments in infrastructure and the provision of financing.
2. Increase the availability of trained people with the skills required by companies in the priority sectors and
3. Strengthen the province’s capacity to implement a strategy to promote exports and attract investment.
For the execution of the referred Program, THREE (3) components will be developed: (i) Infrastructure and financing to strengthen the productive and export growth of the Province, (ii) Generation of capacities tailored to the needs of the productive sectors and (iii) Internationalization of the Province.
IDB: Guarantee and Counter-Guarantee contract is created
He IDB proposed to the Government the subscription of a Guarantee Contract with the aim that Argentina ““secure financial obligations” that the Government of Salta contracts as a result of the signing of the Loan Agreement with the IDB.
Aware of the need to ensure payment of the commitments arising from the aforementioned Loan Agreement and to preserve the public credit of the Argentine Republic, the Government has proposed to the Government of the Province of Salta the signing of a Counter-Guarantee Contract by means of which the latter is obliged to the cancellation of the payment commitments assumed, within the terms provided for in the aforementioned Loan Agreement.
In the event that the respective cancellation does not occur, The Government of the province of Salta will authorize the national Government to carry out the corresponding procedures for the automatic debit of funds from the Federal Tax Sharing Account or the regime that replaces it, for up to the total amount owed.
That, in these terms, it is appropriate to approve the Warranty Contract Template to be signed between the INTER-AMERICAN DEVELOPMENT BANK (IDB) and the ARGENTINE REPUBLIC and the Counter-Guarantee Contract Model to be signed between the latter and the Government of the Province of SALTA.
Source: Ambito
