CABEI to finance the digital transformation of 300 Argentine Pymes
● In conjunction with the Ministry of Productive Development, the Central American Bank for Economic Integration (CABEI) will grant US$50 million in loans to enable small and medium-sized enterprises to move towards a 4.0 production model.
● With this and other programs, the institution is committed to the country and to strengthening its productive sector.
Buenos Aires, April 14th, 2021. During a presentation at the National University of San Martín campus, the Minister of Productive Development, Matías Kulfas, announced the "Pilot Program for the Digital Transformation of Argentine PYMES."
The program has a credit granted by CABEI to the Argentine State to finance the technological infrastructure necessary for the productive sector's digital transformation and, in particular, that of 300 small and medium-sized local companies, in addition to training workers in the sector to achieve a 4.0 production model.
Beyond the direct impact on PyMEs, this financing indirectly benefits the three provinces where the 4.0 Transformation Centers will be installed and the public and private entities involved in running them (sectoral and regional chambers, universities, technology centers in the region, subnational authorities).
Regarding personnel training, 1,500 workers are expected to receive courses to acquire new digital skills, which means an average of five people for each of the 300 companies that acquire technical assistance services.
For the Central American Bank for Economic Integration, Argentina is a key player in linking Mercosur with Central America and for this reason it is interested in promoting business opportunities for local businessmen and women.
The Argentine Minister of Productive Development, Matías Kulfas, said: "We have to be working simultaneously on the care, life, people's health and the economy's health agenda. And to think about industry 4.0, which is the industry of the present and future, which is also today". He also acknowledged and thanked CABEI´s authorities during his presentation.
CABEI President, Dr. Dante Mossi stated, "For the Bank, it is a priority to support entrepreneurs in member countries, especially in times of difficulty to improve their performance, in order to strengthen the industrial sector" and that "the digital transformation of businesses is a step that is part of the multilateral's 2020-2024 Institutional Strategy" and that it is at this point where they have identified to promote initiatives to improve the sustainable competitiveness of its member countries". And he added: "With this operation we are betting that these companies can increase their productivity and add to the country's development, even generating new jobs later on."
CABEI's Director for Argentina and Colombia, Maximiliano Alonso, noted: "The pandemic has increased inequalities in the region with a high level of informal employment and a large digital divide. Our role as a multilateral development bank is crucial. We must promote economic reactivation by articulating the technological and digital transformation, betting on scientific development and reindustrialization with a firm commitment to climate change mitigation and poverty reduction."
The loan was approved for a term of up to 20 years, including a grace period of up to five years and an interest rate of six-month LIBOR, which will be reviewable and adjustable semiannually, plus a margin established by CABEI, which will initially be 250 basis points.