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World Bank approves $26mn for industrial improvement

May '07
The World Bank's Board of Directors approved a US$26 million loan to Uruguay in order to implement the Promoting Innovation to Enhance Competitiveness Project.

“We are proud to have the opportunity to support the efforts of the Uruguayan government, which has placed science, technology, and innovation among its priorities,” said Axel van Trotsenburg, World Bank Director for Argentina, Chile, Paraguay and Uruguay.

“This project has many aspects that deserve to be highlighted. Among other things, it will strengthen the collaboration between innovation, research, and industry, thereby making production more efficient and improving the country's competitiveness. This will help to generate skilled jobs and improve the quality of life for all Uruguayans,” added van Trotsenburg.

The project's main objective is to support the Government of Uruguay in strengthening the country's capacity to generate, transfer, and adapt knowledge and new technology. Within this objective, the project will support the strengthening of the institutional framework for science, technology, and innovation; investments in training and education; technology transfer and private sector innovation; and research collaboration and mobility of researchers between universities and the productive sector.

The project is fully aligned with the pillars of the 2005-2010 World Bank Country Assistance Strategy for Uruguay, which include reducing vulnerability, sustaining growth, and improving the standard of living.

The US$26 million fixed-spread loan has a repayment period of 15 years, including a five-year grace period.

World Bank

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