MERCOSUR appoints FONPLATA to manage FOCEM assets
After signing an agreement with MERCOSUR, FONPLATA will oversee the trusteeship of FOCEM, following the same policies and procedures used in its own operations. This will enable greater synergy and new integration possibilities between both organizations in order to deepen the processes of social inclusion and mitigation of asymmetries among member countries.
Within the framework of the 55th Meeting of the MERCOSUR Common Market Council (CMC), which was held today in the city of Bento Gonçalves (Rio Grande do Sul, Brazil), MERCOSUR signed an agreement with FONPLATA confiding to the latter the trusteeship of the financial resources of the MERCOSUR Structural Convergence Fund (FOCEM).
FOCEM was created in 2004 by the CMC through financing provided to fund projects aimed at reducing asymmetries among the four MERCOSUR member states, which are also founding members of FONPLATA.
The assets of FOCEM will be managed under the same policies and procedures used by FONPLATA to invest its liquid assets. That management shall be carried out with prudence, assuring liquidity and net earnings to be used to fund eligible projects in accordance with FOCEM Regulations, which were recently updated by MERCOSUR.
Besides, the fiduciary management of these assets will contribute to enable greater synergy in the use of the financial instruments available. At the same time, it breaks new grounds to complement the institutional efforts of MERCOSUR and FONPLATA to support the development and deepening of integration processes focused on social inclusion and mitigation of asymmetries among this regional bloc member countries.
Executive President of FONPLATA, Juan Notaro, signs contract with MERCOSUR