Law On The Fund For The Productive Industrial Revolution (Finpro).


Read the untranslated law here:

Law No. 232 law of 9 April 2012 EVO MORALES AYMA President constitutional of the PLURINATIONAL State of BOLIVIA, by how much, the plurinational Legislative Assembly, has sanctioned the following law: the Assembly Legislative PLURINATIONAL, D E C R E T A: background to the revolution INDUSTRIAL productive (FINPRO) article law 1. (OBJECT). This law aims to create the? Fund for productive Industrial Revolution?
? FINPRO and establish the mechanisms of funding and their resource allocation within the framework of article 316, paragraph 4, of the political Constitution of the State.
Article 2. (CREATION).
I. the Fund for productive Industrial Revolution? FINPRO will have one billion two hundred US dollars 00/100 ($us1.200.000.000.-) at the beginning of their operations.
II. the Fund for productive Industrial Revolution? FINPRO is created in the form of a trust, with a duration of 30 years renewable and six hundred million US dollars 00/100 ($us600.000.000.-), from international reserves.
III. Additionally, FINPRO will feature a credit of 600 million US dollars 00/100 ($us600.000.000.-), awarded by the Central Bank of Bolivia - BCB - at the time of creation of FINPRO, with resources from international reserves.
Article 3. (PURPOSE).

I. FINPRO is intended to finance the investment of productive undertakings of the State which generate surplus.
II. the productive undertakings referred to in the preceding paragraph shall be borne by public companies or companies with majority ownership of the State, joint ventures from the Central level of the State and the autonomous territorial entities, and other public entities.
III. productive ventures financed FINPRO are geared towards the transformation of the productive matrix and necessarily incorporated the stage of industrialization of raw materials as well as food security and food sovereignty policy framework.
I. the executive organ will define the instance that will identify the productive enterprises that can be funded based, at least in pre-feasibility studies that conclude that these undertakings are located within the framework of the purpose of FINPRO. Head of sector corresponds to the Ministry or to the maximum authority of the entity Territorial autonomous respective, by express resolution, confirming the validity of the feasibility study of the productive entrepreneurship that ensures the return of the financing granted by FINPRO.
II. by Decree will be approved the allocation of resources of FINPRO for the financing of productive projects feasible.
III. is authorised to the ministries of development planning and public finance to incorporate in the budgets of the institutions referred to in article 3 of this law, the proceeds of FINPRO to finance the implementation of productive projects approved by Supreme Decree, and must both ministries report semiannually to the plurinational Legislative Assembly registration of these resources.
Article 5. (FINANCING, REPAYMENT AND GUARANTEE). All financing granted by FINPRO to productive enterprises shall be reimbursed by public enterprises or companies with majority ownership of the State, autonomous territorial entities or public borrowers in charge of the funded productive enterprises. For credit risk coverage companies and borrowers, based on its cash flow, should create reserves to the amortization of financing received. Likewise, the General Treasury of the nation will ensure the operation of financing through the issuance of bonds or other forms or instruments deemed.
Article 6. (RESOURCES).

I. the trust of FINPRO shall constitute the non-refundable transfer of six hundred million US dollars 00/100 ($us600.000.000.-) from international reserves making the BCB in the framework as provided in article 2 of this law.
II. Additionally, constitute resources of FINPRO: A loan carrying the BCB to the trust in the amount of six hundred million US dollars 00/100 ($us600.000.000.) from international reserves, in the context of stated in article 2 of this law, no financial cost, to a period of thirty years, desembolsable one time, payable at maturity , with the guarantee of the trust estate.

Other loans, transfers or grants;

Refunds and returns of a portfolio;

Returns on investment of liquid assets in foreign currency pending application.
III. the available liquid resources of FINPRO remain deposited in the BCB in a centre of independent of the issuing entity balance management. The resources of FINPRO in national currency Meanwhile are pending be used for the purposes of its creation will be unpaid, while foreign currency resources will be invested through the BCB in securities or financial operations similar to those carried out in the management of international reserves and their yields will increase the resources of FINPRO. Resources are not accounted for as part of international reserves.
I FINPRO trustee functions, shall be exercised by the BCB, circumscribed to effect the transfer of resources referred to in paragraph I of article 6 of this law and sign the respective contract of trust, yielding trustee rights to the Ministry of economy and finance, provided for in the commercial code as applicable.
II. the trust of FINPRO will be managed by a trustee appointed by Supreme Decree, within the framework of the Constitution of the trust agreement proposed by the fiduciary and entity approved by the Ministry of economy and finance, where the obligations, prohibitions and responsibilities of the trustee shall be established. The tasks entrusted to the Trust Bank will include the legal representation of FINPRO. The appointed trustee will manage the trust of FINPRO without remuneration.
III. beneficiaries of FINPRO are covered entities in article 3 selected according to article 4 of this law. Through its highest executive authorities and bodies of administration are responsible for the achievement of the objectives of the funded projects, as well as proper implementation of resources, of the payments of the amounts of funding received from FINPRO and the accountability.
Article 8. (ASSESSMENT MONITORING AND CONTROL). Head of the sector and to the respective governing bodies, evaluation, monitoring and control of the resources of the financing granted by FINPRO beneficiary public entities corresponds to the ministries.
Destination or resource allocation of funding for purposes other than the object and purpose of the FINPRO, are subjected to civil and/or criminal responsibilities set out in the regulations.
Article 9. (TAX EXEMPTIONS). Constitution and administration, as well as the termination and liquidation of the trust of FINPRO will be exempt from any tax, as well as the notarization and other expenses required for its formalization.
TRANSITIONAL provisions first. According to the provisions of article 2 are authorized to the BCB give FINPRO, with resources from international reserves, an extraordinary six hundred million US dollars credit ($us600.000.000.-), without any financial cost, to a period of thirty years, desembolsable one time, payable at maturity, with the guarantee of the heritage of FINPRO.
Within the framework of the preceding paragraph and according to the numeral 10 paragraph I, of the 158 article and in the article 322 of the political Constitution of the State, is authorized to the trust of FINPRO, represented by the chosen as fiduciary entity contracting credit referred with the BCB, except of the effects and scope of provisions of Act No. 2042 of 21 December 1999 budgetary management.
For purposes of the non-refundable transfer and the granting of the loan provided in article 2, do not apply any restrictions contained in law No. 1670, including the provisions of articles 22 and 23 of this regulation, or any legal provisions to the contrary.
The second. FINPRO will start its activities financing the implementation of concentration plants and smelting of minerals, production of textiles, industrialization of wood and plants industrialization of food plants.

FINAL provisions first. The executive body by Supreme Decree will regulate the operating aspects necessary for the application of this law.
The second. He is excepted from the application of articles 33 and 35 of the law No. 2042, public enterprises which, at the time of application for financing, had less than two years of operation.
Third. For the purposes of the guarantee granted by the trust to the Central Bank of Bolivia - BCB, does not apply any restrictions contained in the article 1410 of the commercial code.
Refer to the Executive Branch, for constitutional purposes.
It is given in the room of sessions the Assembly Legislative multinational, to the twenty-second day of March of the

year two thousand twelve.

FDO. Lilly Gabriela MONTAÑO Viana, Rebeca Elvira Delgado Burgoa, Mary Medina Zabaleta, David Heredia Sánchez, Wilson Changaray T., Angel David Cortés Villegas.
I therefore enacted it is and meets as a law of the plurinational State of Bolivia.
Government Palace of the city of La Paz, to the nine days of the month of April of two thousand twelve years.
FDO. EVO MORALES AYMA, Juan Ramón Quintana Taborga, Elba Viviana Caro Hinojosa, Luis Alberto Arce Catacora, Ana Teresa Morales Olivera, Claudia Stacy clear penalty.