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Line of credit for productive investment

Line of credit for productive investment

Banco Macro and the province of Salta agree to create an AR$75 million credit fund for investment

Salta, February 21st, 2013. Banco Macro and the province of Salta entered into an agreement for the creation of an AR$75 million fund aimed at encouraging productive investment in the province. The agreement was signed this noon by President of Banco Macro Jorge H. Brito and Governor Juan Manuel Urtubey at the Provincial Government Palace.

This agreement constitutes an extension addendum to the memorandum of agreement dated August 3rd, 2012.

The memorandum of agreement signed by the province of Salta and Banco Macro for the implementation and allocation of funds to a "Line of Credit for Productive Investment" in accordance with Communication "A" 5319 issued by the Central Bank of the Argentine Republic included the transactions presented and approved until December 31st, 2012.

In the course of the year 2012 a total of AR$51 million was placed, of which 65% was granted to SMEs in the agricultural sector, 28% to SMEs and 8% to medium-sized companies. 35% of the funds were placed in companies in the city of Salta, whereas the remaining 65% was placed in companies from the rest of the province.

This is an initiative introduced by the Government so that banks allocate 5% of their deposits to finance productive projects.

Loans must be paid back in up to 44 months with a grace period depending on the loan for the purchase of capital goods and the construction of installations required for the production of goods and services. During a first stage, the focus will be placed on SMEs.

The agreement sets forth that the Ministry of Environment and Sustainable Production will be the provincial body in charge of providing advice on the creation of project portfolios to those who cannot directly visit the credit entity.

Jorge H. Brito explained that "the Argentine Industrial Union’s SME Observatory conducted market research which revealed that only 20% of this sector has access to the financial system, so this type of lines of credit encourage the growth of this sector and that of regional economies," and added that "this second stage results from the companies’ widespread acceptance."

Milagro Medrano
Institutional Relations Manager

IR Contact

Phone: (5411) 5222 6682

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