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    Reference: 20220316
    Release date: 12 August 2022

    Promoter – Financial Intermediary




    Loan supporting energy efficiency and bio-economy development led by small and medium-sized enterprises (SMEs) and mid-caps in Argentina, to be implemented by the state-owned Banco de Inversión y Comercio Exterior (BICE).

    Additionality and Impact

    The proposed operation concerns a loan to the state-owned national development bank of Argentina, Banco de Inversión y Comercio Exterior (BICE), that will finance loans to Small and Medium Enterprises (SME), mid-caps, and both private and public sector entities, to promote the expansion of sustainable energy and bio-economy projects.

    The operation addresses multiple market failures, such as negative carbon and air pollution externalities and access to finance. Through higher energy efficiency, demand for electricity and heat will be reduced, that together with alternative renewable energy production reduce carbon externalities and improves energy security. The project also addresses the failure in financial markets for SMEs and midcaps.

    The EIB's participation offers the Borrower longer term maturities of the funds raised and flexibility on drawdowns. It diversifies its funding base while mobilises resources from the private sector to crown-in.


    The project is expected to contribute to the achievement of EU priorities, the EIB climate and energy policy goals, and to national targets for decarbonisation set in Argentina while covering several SDGs.

    Additionally, the project has a specific gender focus. Increasing women's contribution to the employment and entrepreneurship brings economic and social benefit by unlocking potential growth and reducing poverty.


    Financing to the Republic of Argentina to support SMEs and mid-caps that develop sustainable energy and bio-economy investments. Resources will be channelled through the state-owned financial entity "Banco de Inversión y Comercio Exterior SA" ("BICE").


    Under Global Europe NDICI guarantee

    Under EFSD+ Guarantee

    Proposed EIB finance (Approximate amount)

    EUR 60 million

    Total cost (Approximate amount)

    not applicable

    Environmental aspects

    Final beneficiaries receiving EIB financing will be requested to comply with applicable legislation and the ElB Environmental and Social Standards as well as international treaties and conventions signed and ratified by or otherwise applicable and binding in Argentina, as appropriate.


    BICE will be required to take all requisite measures to ensure that any procurement procedures carried out by final beneficiaries that receive EIB financing are in accordance with the EIB Guide to Procurement.


    Signed - 30/12/2022


    Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
    They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).

    Related tags

    Argentina Credit lines