China Development Bank approves loan for Argentine productive sectors

Monday, April 17, 2017

Argentina's investment and foreign trade bank BICE and China Development Bank (CDB) signed an agreement under which BICE will receive a US$150mn loan for financing investment projects.

The credit line will be used for financing productive investments such as SMEs, renewable energy projects, energy infrastructure, and agricultural and manufacturing goods, among others, according to a BICE press release.

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"As we received a long-term funding, we can lend these resources to Argentine companies with a 10-year horizon or longer," said BICE president Pablo García, adding that the relationship with CDB will extend beyond financing to include agreements on good banking practices, as well to strengthen relations between Argentine and Asian companies.

"The financing, which has very favorable credit conditions, will be disbursed in different tranches, with an initial disbursement of US$50mn," said García, who signed the agreement with CDB deputy CEO Li Hongying.