Paraguay to Expand Business Innovation and Training with IDB Support

WASHINGTON - The Board of Executive Directors of the Inter-American Development Bank (IDB) has approved a $10 million loan to strengthen the innovative capacity of companies and entrepreneurs in Paraguay.

The operation will support the Business Innovation Program II (PROINNOVA II), which will be implemented by the National Science and Technology Council (CONACYT). The program aims to increase investment in innovation by established firms, foster technology-based entrepreneurship, and promote the development of specialized talent in innovation management and technology transfer.

PROINNOVA II will finance technological development projects, the incorporation of innovation managers, the strengthening of technology service centers, and resources to enable young firms to validate prototypes and business models. It will also support the training of more than 600 private-sector professionals in areas such as innovation management, technology transfer, green innovation, intellectual property, and open innovation, as well as capacity building for 500 public-sector officials.

The program is aligned with Paraguay's national priorities on productivity, economic diversification, and sustainable development, as well as with the IDB Group's Country Strategy with Paraguay 2025-2029.

The loan has a maturity of 24.5 years, a six-year grace period, and an interest rate based on SOFR.