The Inter-American Development Bank (IDB) has approved a $10 million loan to help strengthen the innovation capacity of businesses and entrepreneurs in Paraguay through the Business Innovation Program II (PROINNOVA II), which will be implemented by the National Science and Technology Council (CONACYT). The program seeks to boost investment in innovation among established firms, encourage technology-based entrepreneurship, and develop specialized talent in innovation management and technology transfer.
The initiative will fund technological development projects, support the integration of innovation managers in companies, strengthen technology service centers, and help emerging firms validate prototypes and business models. It will also provide training for more than 600 private-sector professionals in areas such as innovation management, technology transfer, green innovation, intellectual property, and open innovation, while building capacity for 500 public-sector officials.
The program aligns with Paraguay’s national priorities to improve productivity, diversify the economy, and promote sustainable development, as well as with the IDB Group’s Country Strategy with Paraguay for 2025–2029. The loan will have a 24.5-year maturity, a six-year grace period, and an interest rate linked to SOFR.
