Argentina - Access to Longer Term Finance for Micro, Small and Medium Enterprises Project : restructuring (Inglês)

The objectives of the Access to Longer Term Finance for Micro, Small and Medium Enterprises Project for Argentina are to improve access to, and strengthen the framework for the provision of, longer term finance for eligible micro, small and medium enterprises... Exibir mais + The objectives of the Access to Longer Term Finance for Micro, Small and Medium Enterprises Project for Argentina are to improve access to, and strengthen the framework for the provision of, longer term finance for eligible micro, small and medium enterprises. The restructuring consists on introducing modifications to the Disbursement Letter and Legal Agreement to reflect minor changes to the flow of funds arrangements. This change was requested by the Borrower. The request entailed to disburse the project’s funds into a designated account held by the Ministry of Production (MoP) and then transferred to BICE in local currency, instead of being disbursed directly from the World Bank to the Ministry of Finance and then to BICE. This change is needed due to internal government procedures. The BCRA account at MOF only serves as transitory/pass through account to transfer funds to the relevant implementing entities, instead of being the main designated account. Thus, MoF will register World Bank funds in a transitory account at the BCRA, which will then be transferred to MoP to pass on to BICE. In addition, BICE cannot maintain a loan account at BCRA, as was previous envisioned in the flow of funds arrangements. The modification does not entail a change in PDO, scope, project activities, or implementation arrangements.  Exibir menos -