Argentina’s Minister of Economy, Luis Caputo, announced that the country will maintain its membership in FONPLATA – Development Bank, whose aim is to strengthen the integration of its member countries to achieve harmonious and inclusive growth through credit operations and non-reimbursable resources.

The decision of the Minister of Economy was made after Argentina announced, in April 2023, through a letter addressed to FONPLATA's authorities, its intention to cease its membership. However, in accordance with the Bank´s Charter, the withdrawal would not be immediate, but would be subject to a series of requirements to be fulfilled within a minimum term of 12 months.

Thus, the new authorities that took office on December 10 th, 2023, decided to leave without effect the letter sent on that occasion and continue with the membership. In this regard, the Executive Directors for Argentina stated at the 192nd Meeting of the Executive Board Meeting that they acknowledge the importance of the Bank for integration and that they have always considered the institution as an “ally”.

FONPLATA is a development bank composed of Argentina, Bolivia, Brazil, Paraguay, and Uruguay, that will celebrate its 50th anniversary in 2024. Its objective is to reduce socioeconomic disparities and favor the complementarity and synergy of efforts of national development organizations and other development agencies through the implementation of small- and medium-sized projects in specific geographic areas.

01/22/2024