Fund has millions to help Uruguayan development, inc - leatherbiz: Lea Leatherbiz

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Fund has millions to help Uruguayan development, including tanneries

23/01/2013
Uruguay’s state bank, Banco República, has announced that it will have a smaller budget in 2013 for a national development fund, Fondes, but said the fund would still have more than $50 million to put into industrial projects this year.

Tanneries are among the businesses to have benefitted from Fondes funding in the recent past.

Co-operative-style projects in which workers run a company themselves seem to be particularly favoured by the fund’s administrators, who have been asked by the national government to boost development across the South American country. One tannery, Uruven, in the Nuevo París district of Montevideo, presented a proposal along these lines in 2012 and received $600,000 from Fondes to help it get up and running.


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