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WORLD BANK GROUP: Chile: US$30 Million World Bank Loan to Improve
Competitiveness through Innovation
(M2 PressWIRE Via Acquire Media NewsEdge)
RDATE:15072008
WASHINGTON DC -- The World Bank Board of Executive Directors approved
today a US$30 million loan to enhance Chile's policy and institutional
innovation framework for competitiveness through priority programs in
critical areas.
The initiative will help improve the international competitiveness of
Chile's economy and stimulate sustained economic growth and job
creation by adding value to production and diversifying exports. It
would do this by strengthening Chile's capacity to compete as a
knowledge economy.
"Innovation is a top priority in Chile's competitiveness agenda.
Becoming a knowledge economy means adding value to sectors where Chile
has demonstrated comparative advantages while supporting key emerging
sectors," said Pedro Alba, World Bank Country Director for Chile,
Argentina, Paraguay and Uruguay. "The project supports key elements of
the national innovation strategy with a strong emphasis on building
robust institutional foundations."
More specifically, the project will:
(i) Strengthen the Ministry of Economy's capacity on innovation in
accordance with the guidelines of the National Innovation Strategy;
(ii) Strengthen Chile's Science Base - by supporting the National
Commission for Scientific and Technological Research (CONICYT) and
improving the coherence, quality and relevance of research funding
policy in Chile; and
(iii) Stimulate technology transfer and the creation of new technology
based enterprises through the Corporation for the Promotion of
Production (CORFO).
"Innovation is the key that has allowed countries such as Ireland or
Finland to benefit from their comparative advantages and grow on a
sustainable basis adding value to their endowments. It is the key to
change Chile's productive matrix and make a leap to development," said
Hugo Lavados, Minister of Economy and Chairman of the Inter-Ministerial
Committee on Innovation.
Due to its global reach and expertise in the innovation sector,
especially with OECD and Asian countries and its capacity to adapt
international standards and successful experiences to the circumstances
ofChile, the World Bank is considered a strategic partner of Chile's
modernization efforts.
Esperanza Lasagabaster, World Bank Task Manager for the project added
"Chile is in a favorable position to focus on microeconomic reforms
aimed at boosting the capacity of firms to sustain productivity growth
and develop new business opportunities. International evidence
indicates that half of all differences in income and growth are
attributed to differences in total factor productivity generally
associated with technological development and innovation. Thus,
boosting Chile's capacity to innovate needs to be at the center of its
policy agenda."
The project builds on the support provided to the Government of Chile
through policy advice and two prior investment projects - the
Millennium Science Initiative and the Science for the Knowledge Economy
Project. It will help align innovation programs to the priority
clusters defined in the proposed national innovation strategy. Among
the priority areas of intervention, mechanisms to transfer technology
to small and medium enterprises and to promote the emergence of new
knowledge-based ventures will be enhanced.
The Specific Investment Loan (SIL) for US$30 million has a total
maturity of 10.5 years including 6 years of grace.
For more information on World Bank's program in Chile, please visit:
http://www.worldbank.org/cl
For more information, please visit the Projects website.
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CONTACT: Yanina Budkin, World Bank Group
Tel: +54 11 4316 9724 (Buenos Aires)
e-mail: ybudkin@worldbank.org
Gabriela Aguilar, World Bank Group
Tel: +1 202 473 6768
e-mail: gaguilar2@worldbank.org
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provided within M2 PressWIRE. Data supplied by named party/parties.
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Copyright ? 2008 M2 Communications Ltd.
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