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Argentine Export Financing

Financing in foreign currency for the forward sale of Argentine goods in foreign markets and cash collections.

Benefits

It benefits Argentine exporters of goods, enabling them to place their products in foreign markets under more favorable supply conditions. For such purpose, BNA has a medium and long-term, “without recourse” Financing System for the export of capital goods and turnkey export contracts, and other short-term, “with recourse” or “without recourse” (forfaiting) Financing System for the export of general goods (including durable consumer goods).

Users

Natural or legal persons having a credit relationship with the Bank registered with the Registrar of Exporters and Importers of the DGA-AFIP and final exporters of the goods included in the system’s scope.

Final exporters of capital goods, turnkey export contracts, and other general goods. For transactions “with recourse” (affecting the customer credit margin), the exporter shall maintain a credit relationship with BNA. For transactions “without recourse” (not affecting the customer credit margin), it is required to be a current account holder or, subject to certain restrictions, merely the beneficiary of export documentary credits notified by BNA.

Characteristics of the Loan

For Exports of Capital Goods and Turnkey Export Contracts
Transactions conducted without recourse in US Dollars, for terms up to 5 years for Capital Goods, and up to 10 years for “Turnkey” Export Contracts. Financial support may cover up to 100% of FOB or FCA or CFR or CIF or CIP value, for Capital Goods, and up to 85% of FOB or FCA or CFR or CIF or CIP value, for “Turnkey” Export Contracts, provided that, as per the exporter’s affidavit, total charges, representative fees and expenses for promotion abroad do not exceed 15% of FOB or FCA of the export; otherwise, the amount to be financed by the Bank shall be reduced to the same extent as such excess.

It is also possible to finance the following:

  • Technical services related to the installation and start-up of the good: up to 10% of FOB or FCA value.
  • Spare parts and accessories: up to 10% of FOB or FCA value.

For Exports of General Goods
Transactions conducted with or without recourse in US Dollars, for terms up to 360 days, and financing may cover up to 100% of documents value.

Requirements

For Exports of Capital Goods and Turnkey Export Contracts

  • Guarantee of bills by a foreign bank adequate at BNA’s discretion or by any institution authorized to operate under the Reciprocal Payments and Credits Agreements, endorsed to BNA without recourse.

For short-term general goods exports

  • Compliant shipping documents.
  • Endorsement of bills of exchange or assignment of rights to collect payment instruments, as applicable, by any institution authorized to operate under the Payment Agreements.
  • For transactions with recourse, guarantees by any institution authorized to operate under the Payment Agreements and any other additional guarantees satisfactory to BNA.

Users Purpose Financial Support Term Guarantee Implementation
Natural or legal persons having a credit relationship with the Bank registered with the Registrar of Exporters and Importers of the DGA-AFIP and final exporters of the goods included in the system’s scope. Export Financing of Capital Goods Up to 100% of FOB or CFR or CIF value, for Capital Goods Up to 5 years Transactions contemplated by this system shall be subject to the following:

Bills of Exchange guaranteed by:
- a foreign branch of the Bank, or
- a foreign bank which Head Office or parent company has an international risk rating of “B” or higher
- a foreign bank adequate at BNA’s discretion or authorized to operate under the Reciprocal Payments and Credits Agreements entered into by BCRA

Irrevocable Letter of Credit issued by: - a foreign branch of the Bank, or
- a foreign bank which Head Office or parent company has an international risk rating of “B” or higher
- a foreign bank adequate at BNA’s discretion or authorized to operate under the Reciprocal Payments and Credits Agreements entered into by BCRA
- When transactions are implemented through the issuance of Bills of Exchange, they shall be in US Dollars, in the same amount and periodicity, for up to six months as from each shipping date. 2 sets of bills of exchange shall be issued, one for the “principal” amount and for the “interest” amount. Bills of Exchange pertaining to the “principal” amount set shall be equal, each exceeding u$s 2.500.-
- When transactions are implemented through deferred payment Irrevocable Documentary Credit, the user shall assign to the Bank, as customary, the rights in the documentary credit proceeds.
- The Bank shall consider, at its discretion, the use of other payment and collection instruments, binding foreign issuing Banks and guaranteeing the transactions properly.
- When payment is made through Reciprocal Payments and Credits Agreements, it shall be subject to the regulations in force applicable thereto.
Export Financing of Turnkey Export Contracts Up to 85% of FOB or CFR or CIF value, for “Turnkey” Export Contracts Up to 10 years
Export Financing of general goods (including durable consumer goods) Up to 100% of documents value Up to 1 year To be determined in each case, for transactions with recourse. Through bill discount or assignment of rights to collect payment instruments, as applicable.
Special conditions for the financing of exports of auto parts (of vehicles in general, agricultural machinery, and others) Up to 100% of documents value Auto parts Industry: up to 18 months Through irrevocable documentary credit issued, or bill of exchange guaranteed, by a financial institution included in the list of entities authorized to operate under the ALADI reciprocal credits. Through bill discount or assignment of rights to collect payment instruments, as applicable.