ANNOUNCED AS TEMPORARYNo
Within the framework of a cargo-fleet renovation plan, Argentina launched a subsidies program aimed at boosting purchases of new cargo trucks produced in Mercosur Member States.
The measure, originally announced in November 2009, will benefit SMEs owning up to five obsolete units (exceeding thirty years). Each eligible firm will receive, in exchange for one of its old units, a grant of US$ 6000-7000 and a subsidized credit to acquire a new truck. Only units produced in Mercosur countries may be acquired with the benefit.
On 10 April 2012, the president of Argentina decreed (Decree 494/2012) the extension of the program, so as to includelocally manufactured agriculture and road construction machinery. The total amount of money available for the extension is 8.5 billion pesos (roughly US$ 1bn). On 11 September of the same year, a decree (Decree 1666/2012) regulating the modalities of the extension was issued. Depending on the size and the geographic location of the firm, leasing interest rates vary between 5 and 9.5%.
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