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Argentina will increase innovation and technology investments with IDB support

Financing for new technological service centers, more than 1,500 research and innovation projects, and training abroad for 700 professionals

The Inter-American Development Bank (IDB) approved a $200 million loan to increase investments in research, development and innovation in Argentina to improve competitiveness and productivity of Argentine enterprises.

The loan will finance the second phase of the Scientific and Technological Pole (Giol), as well as 1,260 scientific research and technological innovation projects, 250 business innovation projects, and 30 sectorial and regional technological innovation projects carried out by public-private consortia.

The program will also include the creation and strengthening of 13 technology service centers and financing for training abroad in areas related to science and technology for more than 700 professionals, who will later join companies and institutions in Argentina.

"The loan will support initiatives designed to generate knowledge, innovation, and human resource capacity to meet technological challenges in economically strategic sectors such as agribusiness, energy, and the environment," said Pablo Angelelli, IDB project team leader.

The Technology Innovation Program III is the third operation carried out with resources from a $700 million line of credit for investment projects approved in 2009 to finance Argentina’s General Program of Technological Innovation.

The program’s objectives are to increase technological capabilities and innovation in sectors and regions given priority by the National Plan for Science, Technology, and Innovation; increase the ability of small and medium-sized enterprises to carry out innovations; strengthen human capital for innovation in firms and institutions, and spur the consolidation of the National Innovation System.

The program includes two subprograms: one for strengthening capacity for innovation and technology; and the other for human capital formation for innovation.

The IDB loan has a 25-year term, a 5.5 year grace period, and a variable interest rate. Local counterpart financing totals $66 million.

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