28 April 2016

Argentine Government secures USD 50 million loan from the Central American Bank for Economic Integration (CABEI) for Science and Technology


The Argentine Ministry of Finance announces new source of finance to boost country’s development.

The Argentine Finance Ministry has negotiated a loan of 50 million dollars with the Central American Bank for Economic Integration (CABEI). The loan was approved by the organisation’s governing body and will be signed in Buenos Aires in June, making it the first loan contract the organisation has made with an extra-regional country.

The finance secured by Argentina will be put towards Argentina’s Research and Development Capacities Strengthening Programme (PROFOCAID) to promote scientific and technological knowledge in key and strategic areas.

Argentina is participating in the organisation’s 56th Governor’s Assembly, taking place in Panama today and tomorrow. Argentina’s Undersecretary for International Financial Relations, Félix Martín Soto, is representing the country at the event and will meet with the Executive President Nick Rischbieth in order to present Argentina’s project portfolio. During 2016, initiatives worth a total of 360 million dollars will be implemented, even though the Argentine official has a project agenda worth 600 million dollars to address the country’s infrastructure, health and housing needs.

The figure approved by the CABEI’s governing body will help boost knowledge in the field of science and technology through Argentina’s National Plan for Science, Technology and Innovation (PNCTI). It is estimated to positively impact upon 370 projects, directly benefit 1,100 researchers and enable 390 scientists to complete their doctorate studies.

The agreement meets the need to develop technologies that will enable Argentina’s small and medium enterprises to improve their competitiveness and productivity. This reflects the aims of national policies designed to attract fresh investment and create new jobs for the Argentine people. As President Mauricio Macri recently said, Argentina must "call on innovation to resolve our employment problem".

The CABEI, headquartered in Tegucigalpa, Honduras, aims to promote the integration and development of its member states. The investments granted to Argentina will enable the country to increase skills in human resources and establish networks of scientific excellence with countries throughout the region.