BUENOS AIRES – Inter-American Development Bank President Enrique V. Iglesias and Argentina’s Economy Minister Roberto Lavagna today signed documents to restructure a $100 million Global Credit Program for Microenterprise and Small Business.
The restructured program provides continued support for microenterprise and small businesses through access to credit for the acquisition of working capital, fixed assets and technical assistance. The program will support the increase of productive capacity of microenterprises and small businesses to improve their competitiveness in the market, and it will help reduce unemployment.
The IDB loan is for a 20-year term, with a four-year grace period, at a variable annual interest rate. The project will be carried out by the Secretaría de la Pequeña y Mediana Empresa of the Ministry of Production.* The Argentine Central Bank will be the financial agent for the program.