Uruguay will further modernize its regulatory and institutional framework for investment, trade and innovation with the support of a $250 million loan from the Inter-American Development Bank.
The program will support the country's efforts to consolidate a broad, sectoral reform process to modernize the overall framework for encouraging investment and international trade.
The plan aims to deepen the regulatory framework regarding incentives for investment in innovation, skill-building and technological absorption through reforms that stimulate business innovation and training of people with specialized skills.
With this goal in mind, a nationwide system of productive development will be implemented to promote links among the academic world, businesses and the government, leading to the incorporation of best international practices and the coordination of policies to promote investment, the streamlining of trade and innovation.
This includes the signing of bilateral treaties to promote and protect investments, and others to avoid double taxation, as well as the updating of the legal framework to incorporate best practices in mitigation of and adaptation to climate change, among other planned measures.
The operation is the first in a series of policy-based programmatic loans with a deferred drawdown option, which is part of the country's policy of precautionary financing.
The $250 million IDB loan is over 20 years, with a deferred drawdown option of up to three years, renewable for an additional three. This program is part of the Bank’s integrated collaboration with the government.
About the IDB
The mission of the Inter-American Development Bank is to improve lives. Founded in 1959, the IDB is one of the main sources of long-term financing for economic, social and institutional development in Latin America and the Caribbean. The IDB also conducts cutting-edge research and provides consulting services about policies, technical assistance and training to public and private clients across the region.
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