Category: Business

Information regarding the business sector.

Bank Fassil increases its capital by $10 million

Banco Fassil’s shareholders made a capital contribution of 70 million bolivianos ($10 mn), which added to the 85.9 million bolivianos ($12.86 mn) pending approval by the financial system’s regulatory body will make it possible to grant a loan portfolio of 2 billion bolivianos ($287.35 mn).

YPFB must pay $US 226 million for transporting gas to Brazil

Bolivia will have to pay $226 million for the transport of gas on the Bolivian side establishes the eighth addendum. However, Bolivia cannot produce all the agreed gas, and the new volume committed, and the eighth addendum allows savings in fines, therefore, the balance in favour of YPFB-Bolivia (during the year 2020) will be approximately $500 million. Those who pay the cost of transportation, in the end, are those who produce and export gas to Brazil; that is, companies like Repsol and Total, among others.

Sigma will import Russian drug against Covid-19 and produce it in Cochabamba

The Bolivian company Sigma will import the Russian drug Avifavir, designed to combat Covid-19, and will subsequently produce it in its laboratories in Cochabamba, once the necessary procedures completed. According to the agreement, Russia will sell at least 150,000 packages of Avifavir. It will transfer the technology for producing the final dose to its partner in Bolivia, which will reduce the waiting period and logistics costs, as well as the time needed to introduce Avifavir in the treatment of coronavirus.

Russia and Sigma to supply Avifavir to 7 Latin American countries

The Russian Direct Investment Fund announced on Monday that an exclusive agreement has been signed with the Cochabamba company Sigma, to supply the Covid-19 drug called Avifavir, to Argentina, Bolivia, Ecuador, El Salvador, Honduras, Paraguay and Uruguay. At least 150,000 packs of Avifavir will be exported. In addition, Russia transferred the technology for producing the final dose to its partner in Bolivia.

YPFB loses $5.34 million per month with eighth gas sale addendum with Petrobras

After the signing of the eighth addendum to the natural gas purchase agreement signed between YPFB and Petrobras, the Bolivian state oil company had stopped receiving monthly payments of $5.34 million for transporting the energy between the Rio Grande and Puerto Suarez (Mutun), on the border with Brazil, a cost that before the signing of the new agreement was paid by the Brazilian oil company. In 142 days, from March 11 to July 31, the Bolivian state oil company has already lost $25.3 million. Until the end of the year, the economic impact would be about $52.5 million.

Agro-industrial company Totaí Citrus reduces operations and fires 143 employees

After almost 20 years of activity, the agricultural company Totaí Citrus, exporter of natural lemons and derivatives, decided to suspend its industrialization activities and to eliminate 145 positions from a total of 237 workers. Of the approximately 50,000 tons of annual lemon production, the company, based in Santa Cruz, exported 95% to markets in Europe and Asia, in oil, concentrated juice, peel and fresh fruit. Only the remaining 5% destined for domestic consumption of fresh fruit.

Bolivia could recover its pre-pandemic economic growth level only by 2023

The biggest economic crisis in recent decades in Latin America is in full swing, with regional unemployment exceeding 13%, which in practice means that 41 million people have lost their jobs. Projections of a drop in economic growth for this year are around 9%. The Economist Intelligence Unit (EIU) anticipates that the countries that could recover their pre-pandemic growth level by the end of 2022 are Colombia, Chile, Peru, Paraguay, Uruguay, Dominican Republic, Costa Rica and Panama. The rest will have to wait until 2023, 2024 and 2025, including the three largest economies in the region: Brazil, Mexico and Argentina.