The Inter-American Investment Corporation And Argentina’S Garantizar S.G.R. Sign AR$30 Million Program For Financing Small And Medium-Size Enterprises
09/26/2007The IIC will also make an equity investment in Garantizar. This is the first time that a multilateral organization invests in the capital stock of a mutual guarantee company
Buenos Aires, Argentina - On September 27, 2007, the Inter-American Investment Corporation (IIC) signed a program to finance small and medium-size enterprises (SMEs) in the Argentine Republic, with the participation of Garantizar S.G.R. (Garantizar) and Banco de la Nación Argentina (Banco Nación). The amount of the program is AR$30 million (approximately US$10 million).
This is the IIC’s first local-currency transaction in Argentina; it will enable SMEs to access financing in local currency with interest rates and terms that would otherwise be unavailable to them. Resources under the program will be used to finance SME working capital, fixed asset purchases, investment projects, and general operating needs.
The signing ceremony took place at Banco de la Nación Argentina. Present at the ceremony were the Vice President of Argentina, Mr. Daniel Scioli; Minister of Economy Miguel Peirano; and Ms. Gabriela Ciganotto, President of Banco Nación. The document establishing the program was signed by Mr. Norberto Schor, Chairman of Garantizar S.G.R., and Mr. Jacques Rogozinski, General Manager of the IIC.
The Inter-American Investment Corporation is a multilateral financial institution that is a member of the Inter-American Development Bank (IDB) Group. It provides financing (in the form of equity investments, loans, guarantees, and other instruments) and advisory services to private enterprises in Latin America and the Caribbean. The IIC’s mission is to promote the economic development of its regional member countries by encouraging the establishment, expansion, and modernization of private enterprises, particularly those that are small and medium in size. For more information on the IIC’s activities, please visit www.iic.int.
Contact: Carlos Roa/Santiago Cat
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