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Argentina's BICE grants $30M to Buenos Aires bank for SME lending

Banco de Inversión y Comercio Exterior SA, or BICE, has granted a credit line worth $30 million to Banco de la Ciudad de Buenos Aires, El Cronista reported.

The line of credit has a 10-year term and a 12-month grace period. The funds will be used to expand credit to small and medium-sized enterprises and advance the growth of national productive sectors.

Banco de la Ciudad de Buenos Aires will distribute the funds to companies across the country, with a focus on Buenos Aires, for investment projects and financial leasing operations for the acquisition of capital assets.

The first disbursement from the credit line will be made in the next days, the report said.