By financing Banco Galicia, Proparco is supporting agricultural and agro-industrial SMEs in Argentina, from production to distribution. This will have an impact on the development of these two key sectors for the country.
Banco Galicia is an Argentinian universal bank set up in 1905 which offers financial services to private customers and companies. It is moving towards SME financing, with a focus on the agricultural and agro-industrial sectors, and retail banking. In September 2012, Banco Galicia ranked 5th on Argentina’s banking market in terms of net value, 3rd in terms of assets and loans, and 4th in terms of deposits.
Proparco’s credit line will be earmarked to finance agricultural and agro-industrial SMEs. Banco Galicia will target companies that operate throughout the value chain: primary production, processing, trade and distribution.
This project will promote the development of the local long-term financing capacity and support the development of agriculture and the agro-industry, which are key sectors for Argentina’s economy. It will support the development of the agricultural supply chain and increase incomes for communities who are dependent on agriculture and the agro-industry.