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Argentina: World Bank Approves $450 Million to Spur Productivity
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Datum nieuwsfeit: 26-09-2008 |
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World Bank
Argentina: World Bank Approves $450 Million to Spur Productivity, Innovation
and Shared Growth
Available in: Español
Press Release No:2009/088/LCR
Contacts:
In Buenos Aires: Yanina Budkin (54-11) 4316-9724
ybudkin@worldbank.org
In Washington: Gabriela Aguilar (202) 473-6768
gaguilar@worldbank.org
September 25, 2008. Washington, D.C. - The Board of Directors of the
World Bank approved today two lending operations totaling $450 million
to support the Government of Argentina's strategy towards increasing
rural productivity in the regional economies of the country (areas
outside of the Pampas) and supporting the development of a knowledge
economy.
These loans are expected to accelerate economic growth, which, in
turn, will contribute to employment generation, as well as poverty and
social inequality reduction.
"We are pleased with the approval of these programs which are aligned
with the objectives and economic fundamentals of the government's
policies" said Carlos Fernandez, Finance Minister of Argentina.
With the approval of these loans, the World Bank has committed some
$2.7 billion dollars since 2006 to Argentina and will be considering
approximately $650 million in new loans to the country before March
2009.
"These projects will contribute to enhance Argentina's productivity
through strengthening the agricultural sector and strengthening the
knowledge economy in the country. We are proud to support the country
in these areas which are instrumental for inclusive growth" said
Pamela Cox, World Bank Vice-president for Latin America and the
Caribbean
* Second Provincial Agricultural Rural Development Project
The $300 million dollars Second Provincial Agricultural Rural
Development Project (PROSAP II) will support investments in public
infrastructure and services in rural areas, as well as complementary
on-farm and off-farm private investments, in the Regional Economies.
All investments will be aligned with the Provincial Agricultural
Development Strategies.
The specific projects will be designed in each of the participating
provinces with the involvement of key public and private sector
actors.
PROSAP II includes two pilot initiatives:
* Regional Development Initiatives, which will increase the
competitiveness and commercial growth of selected micro-regions.
The initiatives will stimulate public and private sector
cooperation, and strengthen production-to-market integration
through the development of value chains.
* Innovation Transfer Initiatives. Developed by public-private
innovation networks, these initiatives will promote the exchange
of agricultural practices that improve the competitiveness and
market access of small and medium-size producers. The initiatives
will link knowledge institutions to producers.
Around 70.000 small and medium-size producers are expected to benefit
from project- activities. This represents more than a third of all
small and medium-size producers in the Regional Economies.
* Unleashing Productive Innovation Project
The Unleashing Productive Innovation Project for $150 million supports
the expansion of Argentina's capacity to generate productive
innovation in knowledge-based areas by creating highly skilled human
capital; facilitating the creation of new knowledge-based companies;
fostering private-public collaborations in the priority areas of
information and communication technologies (ICT), nanotechnology and
biotechnology; upgrading research-infrastructure; and strengthening
the system's overall policy framework.
INNOVATION CHALLENGES IN ARGENTINA
· Expenditures by Argentinean firms in research and development
represent 0.14 percent of GDP), while in Brazil (0.36 percent) or
Chile (0.3 percent)
· Venture capital industry is only $25 million in Argentina compared
to $2 billion in Spain
· The number of researchers per million inhabitants (768) is less
than Chile (823) and much lower than Australia (4098) or Canada (3921)
countries who have successfully added value to their natural resource
base
· The ICT industry projects a possible deficit of 19,000 highly
skilled professionals in the sector over the next 5 years.
The project was designed to help overcome the current challenges in
innovation. It uses the World Bank's innovation knowledge to fill
critical gaps in the innovation system according to priorities defined
in Argentina's National Strategic Plan for Science, Technology and
Innovation.
The National Agency for Science, Technology and Innovation under the
policy guidance of the newly created Ministry of Science, Technology
and Productive Innovation will implement the project. A more efficient
and dynamic innovation system will ultimately result in a more
competitive economy and the creation of more productive employment for
Argentina.
The Unleashing Productive Innovation Project will be supported by a
$150 million fixed-spread loan, with a five-year grace period and
30-year maturity, while PROSAP II will be supported by a $300 million
fixed-spread loan, fixed-spread with a five-year grace period and
30-year maturity.
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For more information on the World Bank's work in Argentina please
visit:
www.bancomundial.org.ar
Related News
---
Argentina: Second Provincial Agricultural Development Project
Argentina: Unleashing Productive Innovation Project
Argentina: Mining Environmental Restoration Project
Permanent URL for this page: go.worldbank.org/WOGRD9LHF0
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