Banks will be able to invest in mutual funds for financing infrastructure and in the real economy

The Board of the BCRA has authorized financial institutions to purchase open-end mutual funds units approved by the National Securities Commission (Comisión Nacional de Valores, CNV), subject to the “Special Regime for the Creation of Open-End Mutual Funds for Financing Infrastructure and the Real Economy”.

The investment in each of these funds may reach 15% of the total amount of the issue and 2% of the minimum regulatory capital (responsabilidad patrimonial computable, RCP). The CNV’s General Resolution No. 897/21 regulates the Special Regime for the Creation of Open-End Mutual Funds for Financing Infrastructure and the Real Economy.

These funds are authorized to invest in sectors such as construction, real estate development, provision of public services, transports, and logistics. This measure seeks to encourage specific-project financing rather than securities financing for multiple purposes.

The initiative is also aimed at boosting the federalization of the capital market by increasing the number of eligible assets to embrace significant productive sectors and regional economies across the Argentine provinces, as explained by the CNV. In this way, the goal is to channel the supply of financing of domestic investors to strategic sectors of Argentina.

August 12, 2021.