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FMO and the Argentine development bank, Banco de Inversión y Comercio Exterior S.A. (“BICE”) have signed a 12-year loan program of USD 30 million destined for financing the acquisition of Dutch capital goods. The program is especially interesting for smaller size transactions.
The agreement was signed in Paris by Erwin Boon, Manager of FMO NL Business and José Luis Morea, General Manager of the BICE.
The USD 30 million facility which was made available to BICE within the framework of the program, in collaboration with Atradius DSB (the Dutch ECA), will be used to facilitate collaboration between Dutch exporters and local SME enterprises in Argentina. This program supports the economic and social development of Argentina, especially in sectors with a high concentration of medium-sized growth companies.
All projects considered for financing will be analyzed by FMO from a sustainability perspective for their impact on supporting decent jobs as well as climate change mitigation.
This initiative will enable Argentine companies to acquire Dutch capital goods, which is the key to the incorporation of technology and machinery for the generation of renewable energies.
"We are pleased to announce our cooperation with BICE in facilitating investments in Argentina. Providing long-term capital to projects of mutual interest which support innovation, job generation and the fight against climate change”, said Linda Broekhuizen, CIO of FMO. “Furthermore, the program stimulates export projects that include service and equipment deliveries from the Netherlands”, added Ms. Broekhuizen.
“This collaboration will contribute to fostering sustainable economic growth and development in Argentina”, Francisco Cabrera, Chairman of the BICE stated. “These are key steps to foster business opportunities for our enterprises so that they can be more competitive at the international level”, he added.
“The credit will strengthen BICE’s capacity to implement our current strategy, which prioritizes medium and long-term financing for export value chains with a high concentration of SMEs”, said Mr. José Luis Morea, General Manager of the BICE.
The BICE (Banco de Inversión y Comercio Exterior) is a public Argentine bank which works as a financial promoter of the strategic projects of the country and completes markets with a focus on regional development. It contributes to the execution of big infrastructure works, the generation of renewable energies, the promotion of foreign trade and the access to credit for productive sectors. In the last three years, it increased its financing by more than 15 times, it incorporated new business units (leasing, factoring and trusts) and reached the best long-term risk rating. The bank has been chaired by the Engineer Francisco Cabrera since 2018.