SAUIPE COAST, Brazil, Dec. 16 (Chinese media) -- The Southern Common Market (Mercosur) announced on Tuesday the creation of a 100 million-U.S. dollar fund for small and medium enterprises (SME) of the bloc, during its 36th summit at Sauipe Coast, in north-east Brazil.
Proposed by Brazil and adopted at the last summit in Buenos Aires, Argentina, the Fund for SME of Mercosur was formatted during the six-month-chairmanship of Brazil.
As previously announced, this fund will have 100 million U.S. dollars to provider to SME in Brazil, Argentina, Uruguay and Paraguay, four member countries of Mercosur, in form of collateral loans by public and private banks
"With access to credit, our entrepreneurs seek, with more confidence, partnerships across the border. Expanding the horizon of performance of enterprises is essential to productive integration" of the region, said Brazilian President Luiz Inacio Lula da Silva in announcing the creation of the fund.
Brazil will contribute up to 70 percent to the fund, while the rest will be provided by Argentina (27 percent), Uruguay (2 percent) and Paraguay (1 percent), with the possibility of additional voluntary contributions.
Each country is entitled to 25 percent of the amount and resources will be managed by an intergovernmental committee. The percentage may change from periodic evaluations.
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