Chile to Accelerate Capacity Building to Boost Its Global Export Services

The Inter-American Development Bank (IDB) approved a $15 million loan to accelerate capacity building for the further internationalization of Chile's global export services sector.

The loan approved by the IDB's Board of Executive Directors under the Results-Based Lending modality is the third individual operation under a Conditional Credit Line for Investment Projects (CCLIP) of up to $1 billion approved in December 2022 to foster productivity and promote sustainable development in Chile.

The lending will help boost the availability of digital talent with the skills demanded by the private export sector and the improvement of export promotion and investment attraction instruments. It will also support the consolidation of public-private coordination for the development of Chile's global services sector.

"Global services represent an opportunity for Chile to diversify its export matrix, increase productivity levels and generate opportunities for high value-added jobs," said Maria Florencia Attademo-Hirt, IDB representative in Chile.

The program will benefit more than 400 companies, including MSMEs led by women, firms located outside the Santiago Metropolitan Region, and nearly 16,000 people who will be trained in digital skills necessary for business internationalization.

It will also benefit six new regions with capacity building and foreign direct investment attraction processes, doubling the current number of strengthened regions. In addition, it will promote the development of more than 200 foreign direct investment projects in the country, seeking to improve the scope and impact at the regional level.

This third individual loan of $15 million has an amortization period of seven years, a 48-month grace period, an interest rate based on SOFR, and a local counterpart contribution of $15 million.