Banco de Inversin y Comercio Exterior (BICE), Argentina’s state investment and trade bank, has announced a five-year, Ps100mn (US$33mn) financing line to small and medium-sized companies.
The announcement was made jointly by economy minister Felisa Miceli and BICE president Esteban Dmina. The loans will cost 9% yearly.
Moreover, BICE lowered interest rates by 1% on all credit aimed at financing investment and foreign trade. Dollar-denominated investments begin at 2.5% over Libor, while pre-export financing is in dollars and costs between 3% and 3.5%.
The rate for loans intended for investment in Argentine pesos start at 2.50% over the Badalar index.
BICE says it tripled disbursements during the last three years, reaching a Ps1bn portfolio. SMEs stemming from such industries as auto-making, biochemistry, gas and agricultural equipment borrowed more than 70% of that amount.
The bank’s assets amount to more than PS1.2bn. One US dollar equals for 3.10 Argentine pesos (Ps).