Argentina is attempting to increase the productivity of its businesses by increasing investment in research, development and innovations with a $150 million loan recently approved by the Inter-American Development Bank (IDB).
The Technological Innovation Program IV is meant help companies innovate and generate scientific and technological knowledge. It also will enhance their skills at follow-up, assessment, articulation, and spreading science, technology and innovation policies.
“The program calls for robust support of partnership programs among companies, universities and research centers with the goal of generating technological innovations with high impact in top-priority sectors such as renewable energy, health and agro-industry,” Pablo Angelelli, team leader of the IDB project, said. “It also makes resources available to consolidate the workings of the national systems for scientific and technological research.”
The IDB loan includes a 5.5 year grace period after the initial 25 years. The interest rate will be attached to the LIBOR, and local counterpart financing totals $40 million.
The program is the fourth operation carried out using funds from a $750 million line of credit for investments approved in 2009 to finance Argentina’s General Program of Technological Innovation.
The new program will strengthen the business innovation skills through four lines of support: financing of individual companies’ innovation efforts, partnership innovation efforts, technological services, and innovation with high sector and regional impact.
