Argentina will increase productivity of micro, small and medium-sized enterprises (MSMEs) with an $80 million loan approved by the Inter-American Development Bank (IDB).
The program will promote the innovative and environmentally sustainable productive development of MSMEs and foster their digital transformation, strengthening government assistance to these ventures throughout the country. In addition, the project will strengthen the federal network of support services and decentralization of the Secretariat of Industry and Productive Development.
MSMEs are a fundamental part of Argentina’s productive network, accounting for 99.4% of all companies, employing 64% of registered wage earners, and concentrating 51% of the total wage bill. In addition to the MSMEs, the project’s beneficiaries will include entities that offer technological services by contributing to their equipment and training, workers who will be trained in digital skills, and women entrepreneurs and persons with disabilities, who will receive specific support adapted to their needs.
The program will also finance the incorporation of technical and technological services that help MSMEs adopt new technologies, adapt to a low-emission economy that is resilient to climate change impacts, and mainstream gender and diversity. Additionally, it will provide technical assistance and training to around 1,300 companies to help them embark on innovative projects.
This operation is in line with Vision 2025 – Reinvesting in the Americas: A Decade of Opportunities, created by the IDB to achieve recovery and inclusive growth in Latin America and the Caribbean, in the areas of support to small and medium-sized enterprises, digital transformation, gender equality, and climate change.
The IDB’s $80 million loan has a 25-year term, with a 5.5-year period of grace and interest rate based on SOFR.
About the IDB
The Inter-American Development Bank is devoted to improving lives. Established in 1959, the IDB is a leading source of long-term financing for economic, social, and institutional development in Latin America and the Caribbean. The IDB also conducts cutting-edge research and provides policy advice, technical assistance, and training to public and private sector clients throughout the region.