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IDB CCLIP to boost agricultural exports of Argentina
23
Jan '08
The Inter-American Development Bank announced the approval of a US$600 million Conditional Credit Line for investment projects (CCLIP) and a first US$200 million loan within this CCLIP to Argentina to support a provincial agricultural services program.

The Ministry of Economy and Production of Argentina will carry out the program through the Agriculture, Livestock, Fisheries and Food Secretariat. The Secretariat's agricultural development policy is aimed at economic-productive consolidation and expansion of the sector in the different regions, seeking greater complementarity between public and private institutions.

"The goal of the conditional credit line and the first operation is to contribute to the development of regional rural economies by making them more competitive and increasing their agricultural exports," said IDB team leader Gabriel Montes.

"The purpose of the first individual loan operation is to foster a sustainable increase in the coverage and quality of the rural economic infrastructure for food and agriculture services and promote private investment," added Montes. "The CCLIP allows for effective support and long-term continuity in a key sector for development."

This is the second phase of the Provincial Agricultural Services Program (PROSAP) that was started by the national government in 1996 and has been designed to support the economic development of the rural economies of Argentina's provinces.

The program covers two main areas: infrastructure and food and agriculture services, and rural food and agriculture businesses that will promote development initiatives for agricultural clusters and incentives to invest in food and agriculture supply chains.

The loan is for a 25-year term with a four-year grace period, at an adjustable interest rate.

Local counterpart funds for the loan total US$50 million.

Inter-American Development Bank

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