Banco Rio de la Plata S.A.

A $30 million MIGA guarantee was issued to Banco Santander Central Hispano S.A. of Spain for its shareholder loan to Banco Rio de la Plata S.A. The guarantee protects against transfer restriction and expropriation of funds. The agency will cover an additional $70 million through its Cooperative Underwriting Program. The project aims to increase financing at competitive rates for mortgages and SMEs in Argentina, with 80 percent of the loan to be used to increase the availability of medium- and long-term financing. The project will also provide a wide range of financial services to local, regional, and international clients.

The mortgage program will support the purchase, construction, and rehabilitation of residential houses for individuals and the acquisition of business premises for corporations. It will also improve the ability of companies operating in the manufacturing sector to expand their production facilities and increase output. The project will contribute an estimated $0.3 million to local authorities in annual tax revenues.