Its objective is to provide medium and long-term investment loans, the Vice Minister of Industries Ernesto Cedeño explained to the press, adding that the priority for granting them will be strategic activities for the country.
This fund also seeks to promote the diversification of exports and production chains, modernize the industrial plant, and promote the generation and increase of manufacturing added value.
In accordance with Decree 59 of the Council of Ministers, which establishes its creation, the head of Industries manages the fund and for the financing to be granted the companies must have contributed to its formation, as well as they must defend their projects before a commission created for this purpose.
All industrial actors will have access, which means that private sector entities will be able to choose to support their proposals if they meet the established requirements.
The fund is reimbursable, considers the needs and priorities of the sector, and is managed as a complement to the economy plan, according to the indications issued by the Ministry of Economy and Planning.
Sources for their formation are the percentages of production costs of the companies charged to their expenses, of the profits after taxes and of the contribution for the performance of the state investment, as well as others that are determined.
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