The National Government extended the term of the Cedin project

cedin-extension

Argentina, December 31, 2013

Although the first stage did not meet expectations, the Government decided to extend the term of the money laundering project for three months, until March 31, 2014, according to a decree published today in the Official Gazette.

The first step of the Externalization Capital Plan closed yesterday with a subscription of $ 570.6 million, according to the Central Bank. The initial goal, however, was U.S. $ 4,000 million.

The decree 2170/2013 was signed by President Cristina Kirchner, now in El Calafate, the Cabinet Chief Jorge Capitanich and Economy Minister Axel Kicillof.

According to the decree “it allows the externalization of capital flows using idle resources to finance productive and social investments that underpin the growth process, deepen re-industrialization began in 2003 and allow the inclusion of vast sectors of society.”

And it adds: “Some reasons make it necessary to have a further extension for a period of three months”.

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