Bolivia Grants Loans To Boost Domestic Industry

Bolivia's President Luis Arce Monday delivered the first credits from a US$132-million public fund to support industries and promote import substitution.

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Allowing an interest rate of 0.5 percent, the credits are part of the Reactivation and Development of National Industry (FIREDIN) and the Import Substitution (SI Bolivia) programs.

The credits will be delivered in maximum amounts of US$726,000 to large companies, US$291,000 to medium-sized companies, US$102,000 to small companies, and US$36,000 to micro-companies.

These resources will be administered by the Productive Development Bank (BDP) and the Union Bank with a vision of boosting industrial reactivation.

Payment periods will have different modalities that include monthly or quarterly formats according to productive units' payment capacity.

The food, metal mechanics, cleaning and hygiene, rubber and plastics, textiles, pharmaceuticals, wood, and non-metallic minerals industrial sectors are among the areas entitled to access FIREDIN funds.

"The credits support a strategy so that once and for all we can emerge from the crisis to which we have been subjected, and gradually reach that level of sustained growth and recover from the indices of poverty and hunger that have worsened in the pandemic," Arce said.