------------------ ESP

New Financing Scheme for the Automobile Industry

Automotive plants and their suppliers will participate in a financing scheme implemented by the BCRA, moving forward in the recovery of foreign business loans, which were affected during the pandemic.

The BCRA's regulations allowed for the recovery of more than USD1,800 million in business loans, out of the nearly USD4,000 million drop recorded as a result of changes in foreign trade derived from the crisis caused by the Covid-19 pandemic.

These plants–which have easier access to financing lines—will be able to allocate an amount (as certified) to imports made by their direct suppliers who, in turn, will be able to reallocate part of it to one or more of their own suppliers.

This mechanism is called “Certification related to the financing of imports of goods necessary for the production of vehicles and/or automotive components in Argentina”, and may be used to comply with the financing of the import surplus of 5% over the transactions of 2021 or 70% over those of 2020.

Companies must use the goods entered under this mechanism to manufacture goods necessary for the production of vehicles and/or automotive components in Argentina.

June 16, 2022

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