Key Benefits:
Article 1.-Authorize the Executive Branch to assume the cost of the interest generated by the loans or loans that will be granted by the institutions of financial intermediation of plaza to the companies dairy exporters Calcar, Claldy, Conaprole and Pili, during the period of grace agreed in those operations, which may not exceed three years.
This cost will not exceed the equivalent of a rate of 4.50% (four with fifty percent) in U.S. dollars on a maximum credit amount of US$ 66,000,000 (sixty-six million dollars from the United States of America); corresponding to the balance default by Corpovex to the abovementioned companies for exports made between 29 September 2015 and 23 November 2015 in the framework of the Memorandum of Understanding dated 6 and 7 July 2015, concluded between the Eastern Republic of Uruguay and the Bolivarian Republic of Venezuela.
This cost will be in charge of General Rentas and will be charged in Section 24 Miscellaneous Credits , in a specific expense object.
Article 2º.-Authorize the Executive Branch to issue the guarantees or solidarity guarantees, in favor of the exporting dairy companies mentioned in the preceding article, that are necessary to make viable access to the aforementioned financing. Such guarantees or guarantees may not exceed the sum of US$ 66,000,000 (sixty-six million dollars from the United States of America), nor the six-year period.
Article 3º.-The exporting companies that access the guarantee provided for in the preceding article must yield in favor of the financial intermediary institution granting the financing, on the occasion of perfect the loan, the loans of which are holders against Corpovex, which shall form part of the guarantee of the operation.
Chamber of Sessions of the House of Representatives, in Montevideo, on May 17, 2016.
Comply, acknowledge receipt, communicate, publish and insert into the National Register of Laws and Decrees, the Law establishing mechanisms to facilitate access to financing provided by financial intermediation institutions for exporting dairy companies.
Montevideo, Uruguay. Legislative Power. |