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ICO signs a loan of 25 million euros with BICE in Argentina

The Spanish Official Credit Institute, the ICO, today signed a loan of 25 million euros (29.8 million dollars) to the Bank of Investment and Foreign Trade (BICE) to finance Argentine companies that acquire capital goods and technological equipment of Spanish origin.

Buenos Aires, Nov 24 (EFE) .- The Spanish Official Credit Institute, the ICO, today signed a loan of 25 million euros (29.8 million dollars) to the Bank of Investment and Foreign Trade (BICE) to finance Argentine companies that acquire capital goods and technological equipment of Spanish origin.

The president of the ICO, Pablo Zalba, said during the signing in Buenos Aires Aires that the operation belongs to the strategy of supporting the "internationalization and export activity" of Spanish companies, indicated institutional sources.

Zalba stressed that the loan is possible thanks to the "collaboration" of ICO and BICE -whose sole shareholder is the Argentine State- during the "last months" and that the objective of both banks is to "promote actions that boost the productive fabric of Spain and Argentina."

This international loan is the first that ICO has signed in Argentina since 1998 and will grant financing during a year to Argentine companies that acquire a minimum of 500,000 euros (596,566 dollars) and a maximum of 15 million (17,896,985 dollars) in goods of Spanish origin that are not manufactured in Argentina.

It will also give companies access to lease and discount operations without recourse.

The president of BICE, Pablo García, pointed out that the new signature "reflects the confidence of the Spanish state" in BICE and in the "economic direction of the country", in reference to Argentina.

In a press release, the ICO also emphasized the "important confidence" in the southern country of this loan, which was granted up to 10 years at rates that, according to the Spanish bank, are "very competitive" and offer "excellent" credit conditions ".

The Argentine Production Minister, Francisco Cabrera, spoke of the agreement as" a step towards the inclusion of small and medium enterprises in the system financial. "

The signing ceremony also involved the respective ambassadors of both countries, the Spanish Javier Sandomingo and the Argentine Ramón Puerta.

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