US$50 million for Argentine productive sector

(Special, November 2, 2009).- To support the medium- and long-term financing needs of the Argentine financial system, particularly the country's productive sector, CAF granted a US$50 million rotating line of credit in favor of Banco de la Nación Argentina (BNA). During his official visit to the country, CAF President & CEO Enrique García and BNA President Mercedes Marcó del Pont signed the agreement in the bank headquarters.

"The line of credit granted to BNA is part of this multilateral bank's strategy to support BNA in its efforts to promote investment and trade and commerce in Argentina and the region. The medium-term funds granted to the Bank will be used to finance new investments, purchase fixed assets and support the commercial activity of SMEs and corporate customers." García said.

BNA is owned by the Argentine state. It is the leading financial entity in the nation with 21% of the assets and 24% of the deposits of the banking system. The institution grants loans mainly to SMEs, while in corporate banking its actions are aimed at developing structures to support the value chain of large companies through short- and medium-term loans and bank services for their suppliers.