Uruguay will promote the digital transformation of its micro, small and medium-sized enterprises (MSMEs) with a $15 million loan approved by the Inter-American Development Bank (IDB).
The project will boost knowledge and use of digital solutions by Uruguay’s MSMEs, increase the supply of digital goods and services, and strengthen the offer of digital talent creation services in order to foster the country’s digital transformation.
It will also promote the institutional strengthening of the National Development Agency (ANDE) to ensure effective implementation of the MSMEs digital transformation program. Its end beneficiaries will be both Uruguay’s 11,000 MSMEs in need of goods and services for their digital transformation, and the 100-plus goods and services providers who can make this transformation possible.
According to a survey of micro enterprises conducted by the Industry, Energy and Mining Ministry in 2017, only 70% of Uruguay’s MSMEs use internet and have a website, compared with 79% in Chile and 78% in the OECD group of countries. Local MSMEs also make scant use of e-banking and advanced digital technologies. Less than 5% of them hire information technology and communication professionals, compared with 15% of the European Union’s small enterprises and 45% of the EU’s medium-sized enterprises.
The IDB’s $15 million loan is for a 25-year term, with a five and 5.5-year grace period and an interest rate base on LIBOR.
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.