Argentina's Galicia gets US$130mn for SME, energy sectors

Bnamericas Published: Thursday, June 02, 2016
Argentina's Galicia gets US$130mn for SME, energy sectors

The IFC, a member of the World Bank Group, approved a US$130mn loan for Argentina's Banco Galicia to support SME lending and develop a new program to finance sustainable energy projects in the country.

Part of Grupo Financiero Galicia, Banco Galicia has 70,000 SME clients and it is a leading source of financing for this segment in Argentina. IFC said in a release.

The Galicia financing package consists of a five-year tranche for SMEs, mainly in the agribusiness sector, and a seven-year tranche to support sustainable energy projects.

"Argentina is undergoing a process of extensive reform, with substantial investment expected over the next few years," said IFC.

IFC also said it committed over US$1.6bn in financing to private sector projects over the past 12 months, becoming the largest international source of financing for Argentina in this period.

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