WASHINGTON, USA – The Inter-American Development Bank (IDB) approved an $8 million loan to support the internationalization of Uruguayan companies by developing digital skills applied to new technologies in knowledge-intensive goods and services sectors.
The operation, approved by the IDB’s board of executive directors, aims to boost the supply of human capital with advanced digital skills demanded by these sectors. It also seeks to strengthen the internationalization capabilities of companies in these sectors and those that incorporate knowledge-intensive goods and services in their processes and products.
The program will be executed by the Universidad Tecnológica del Uruguay (UTEC), whose mission is to contribute to training that is in line with the productive profile of each region in the country.
The program is expected to directly benefit over 400 UTEC students, with additional benefits for women, regional residents, and teachers through approximately 45 scholarships. Also benefiting will be 150 companies either located in exporting regions or considering the internationalization of their products or services, while 90 firms will gain access to opportunities for internationalization and the incorporation of qualified human capital.
Among other actions, the operation will favor establishing alliances with international academic partners to develop graduate and continuing education programs as well as training courses for teachers in new technologies, climate change, gender and diversity.
It will also help improve coordination among business development institutions, support systematic monitoring of the demand for advanced digital skills training and business development services, and promote these services throughout the country.
The $8 million IDB loan has an amortization period of 24.5 years, a 6-year grace period, and an interest rate based on SOFR.
