ANNOUNCEMENT 15 Jan 2019
The Argentine Government announced the creation of a new credit line to purchase locally-made fishing boats.
NUMBER OF INTERVENTIONS
Ministry of Agroindustry. Ministerio de Agroindustria. Dirección de prensa y comunicación. Noticias. "El Gobierno anunció financiamiento por $500 millones para la compra de buques pesqueros nacionales" Available at: https://www.agroindustria.gob.ar/sitio/areas/prensa/index.php?accion=noticia&id_info=190115144630
On 15 January 2019, the Ministry of Agroindustry of Argentina has announced the creation of a new credit line for the purchase of ships. The offered resources only apply to locally-made fishing boats, therefore it can be understood that this measure involves a localisation incentive as it encourages the purchase of goods nationally produced.
The total resources allocated to this financing program are ARS 500 million (USD 13.4 million at the time of the announcement) and it is restricted to ARS 60 million (circa USD 161,000) per company to finance up to 80% of the total value of the goods. The applicable interest rate will be 8% and credits will enjoy a five-year period with one year grace period.
The credit line will be managed and distributed by the Argentine Foreign Trade and Investment Bank (BICE by its Spanish acronym).
In addition to the above-mentioned, the Ministry of Production and Labour of Argentina will subsidize 8% of the interest rate in the cases of credit lines in Argentine pesos and 2% of the interest rate for transactions in USD.