Argentina’s federal development bank BICE is to increase its focus on providing export credit to local exporters to facilitate their access to international markets, BICE’s chairman Arnaldo Bocco has said.
The devaluation of the Argentine peso last year gave local exporters a foreign exchange advantage on international markets but many export opportunities are lost due to lack of export credit, Bocco claims.
BICE’s future target will be medium-sized companies and the bank has identified around 1,000 companies as potential clients.
Bocco sees great business opportunities for Argentina’s medium-sized companies in the Andean region and Central America and also in Asian markets such as China and India.
Sectors in Argentina such as the winemaking, manufacturing and agriculture are where medium-sized companies will need export credits to be able to take advantage of the full business potential that is awaiting Argentine companies, Bocco believes.
BICE opened its doors in 1992 with the principal objective to increase investment and foreign trade operations within the country’s corporate sector.
BICE is a second-floor bank targeted to establish credit lines for Argentine exporters through banks or various financial instruments. The local economy ministry and Banco de la Nacion Argentina hold full control the bank’s shareholding.