The Ministry of Economy launched a credit line for producers affected by the drought

He Ministry of Economy launched a line of investment credits for SMEs in the agro-industrial sector as part of the measures it implements to help producers affected by the drought.

In total the Ministry of Economy will allocate $4,500 to attend the field. “The loans will be executed by the Argentine Development Bank BICE and will have a rate bonus from the National Agroindustry Trust Fund (FONDAGRO),” as notified wallet.

The weather conditions caused millions in losses.

From the Ministry of Economy they also explained that The measure “will reach productive investment projects and purchase of capital goods from MSMEs throughout the country.”

The financing was announced after the signing of an agreement between the secretary of Industry and Productive Development José Ignacio de Mendiguren, the secretary of Agriculture Juan José Bahillo and the president of the Argentine Development Bank BICE, Mariano de Miguel.

The secretary highlighted the effort of the Government.

In this regard, Mendiguren pointed out: “This decision responds to the package of measures launched by Minister Sergio Massa to assist a key sector of the national economy that is affected by the drought. We want to accompany the companies in the sector so that they can face this adverse context”.

And he added: “It is essential that we deepen our joint work, as we are doing today, to provide tools at a time when the world is demanding our products and giving us an opportunity to take a step forward in development.”

Harvests have been affected by the drought.

For his part, Bahillo stressed: “Our priority continues to be that no producer stops producing, planting and investing,” adding that “Minister Sergio Massa’s decision is to generate the necessary measures so that our producers can face this delicate situation without compromising their working capital”.

Who can access financing

From the Palace of Treasury They explained: “The credits are intended for investment projects and acquisition of new capital goods for MSMEs in the agri-food sector that are dedicated to the following branches: growing vegetables; bovine milk production; poultry farming; beekeeping and refrigerators”.

The loans will benefit small producers.

The loans will be offered for a term of up to 60 months (with a grace period of up to 12 months) and a maximum amount of up to $75 million per beneficiary, with a term of up to 84 months and a grace period of up to 24 months for principal payments.

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