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Fund for the Productive Industrial Revolution (FINPRO)

Fondo para la Revolución Industrial Productiva · Bolivia · Latin America and Caribbean · Founded 2012 · Strategic development fund · Not an IFSWF member

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Focus

FINPRO: what it invests in

Industrials and manufacturingMining and metalsAgriculture and food securityEnergy: oil and gas
Private credit

Geography Mainly domestic

Scale

FINPRO: how big it is, and on what basis

USD 1.2B initial capital
Committed or authorised capitalAs of

In US dollars: about USD 1.2B. Reported in US dollars.

Transparency

FINPRO: what it publishes

2.0 of 10 Band 1 of 5

Published 1 · Partly 2 · Not published 7

Our 10 item score. It measures what is public, not how well a fund is run.

Initial capitalS1
USD 1.2B
As of
Reserve grantS1
USD 600M
As of
Central bank loanS1
USD 600M (Interest-free, 30 years)
As of
Trust termS1
30 years, renewable
As of
Mutun steel loanS5
Up to Bs 557.6M
As of
Transparency scoreS1
2 of 10
As of

At a glance. FINPRO is a USD 1.2 billion Bolivian state trust created in 2012 to lend to surplus-generating productive ventures run by public companies. Half came as a grant from international reserves and half as a 30-year interest-free central bank loan. The development bank BDP-SAM acts as trustee, and each loan is approved by supreme decree. Borrowers repay the trust. S1 S3

Key points

  • USD 1.2 billion: USD 600 million grant and USD 600 million central bank loan. S1 S3
  • The central bank loan is interest-free, for 30 years, repaid at maturity. S1
  • Lends only to public or majority state-owned productive ventures. S1
  • Each allocation needs a supreme decree after feasibility review. S1 S4
  • BDP-SAM is trustee under Supreme Decree 1367 of October 2012. S3
  • Loans financed the Mutun steel plant and an Amazon food processing plant. S5 S4

Interesting facts

  • BDP-SAM acts as trustee without a fee. S1
  • A 2014 budget law widened the scope to smelters, mining capacity and textiles. S5
  • Idle balances are invested by the central bank like international reserves. S1

Mandate and goals

Finance state productive ventures that generate surpluses and transform the productive base, including stages that industrialise raw materials and food. S1 S2

  • Industrialise raw materials and food production. S1
  • Fund mineral concentration and smelting plants and mining capacity. S5
  • Support food security through processing plants. S5

How it invests

IndustriesIndustrials and manufacturing, Mining and metals, Agriculture and food security, Energy: oil and gas S5
Asset classesPrivate credit S1
StagesCredit S1
GeographyMainly domestic. State ventures in Bolivia S1
Direct / through funds / co-investYes / No / No S1
Managed in house100 percent S1
Ticket sizeNo ticket range; each loan set by supreme decree. S1
Deal sizes seenBs 94.5M to Bs 557.6M (two named loans)
External managersNone S1
Co-investment programmeNone S1

Published criteria

  • Borrower must be a public company, majority state-owned company or state joint venture. S1
  • Venture must generate surpluses and repay from its cash flow. S1
  • Loans are backed by Treasury guarantees such as bonds. S1

Past investments

InvestmentTypeSectorStageAmount
Empresa Siderurgica del Mutun (steel plant). Loan for the counterpart to a China Eximbank credit, working capital and supervision of the Mutun steel plant. S5Direct investmentMining and metalsCreditUp to Bs 557.6M
EBA Amazon products processing plant. Loan to the state food company EBA to build a plant processing Amazon products. S4Direct investmentAgriculture and food securityCreditUp to Bs 94.5M

The fund does not publish investment dates or amounts for these holdings.

Case studies

Mutun steel plant co-financing S5

  • What: FINPRO lent to the state steel company to cover its share of a China Eximbank-funded plant, plus working capital.
  • When: 2019 (Supreme Decree 4041)
  • Size: Up to Bs 557.6M
  • Why: Add domestic steel capacity under the industrialisation mandate.
  • Outcome: Loan authorised by supreme decree and contracted through BDP-SAM.

Investment process

Projects need feasibility studies and sector ministry sign-off, then committee approval; a supreme decree assigns the money and sets terms. BDP-SAM signs the loan, disburses and collects. S1 S4 S3

CommitteeRole
FINPRO CommitteeApproves projects before a decree allocates funds S4
  1. Feasibility study by the public company. S1
  2. Sector ministry confirmation. S1
  3. Approval by the FINPRO committee. S4
  4. Supreme decree allocates funds and sets terms. S4
  5. BDP-SAM signs, disburses and collects repayments. S3

How to approach: Open only to public bodies; contact is the BDP trusts unit. S2

Size and returns

  • Headline size: USD 1.2B initial capital (Committed or authorised capital, as of 2012-04-09) S1
  • In US dollars: about USD 1.2B. Reported in US dollars.
  • Returns: the fund does not publish a return figure.

Leadership

The fund does not publish named leaders.

Governance and transparency

  • Legal basis: Law 232 of 2012; Supreme Decree 1367 of 2012; amended by Law 550 of 2014 S1 S5
  • Oversight: Ministry of Economy and Public Finance; reports to the Legislative Assembly S1
  • Ministries report to the Legislative Assembly every six months on FINPRO use. S1
  • State companies owe their loans to the trust, not to the central bank. S3

Transparency score: 2.0 of 10 (band 1 of 5). Our own 10-item rubric; see the methodology page.

  • Published: governance and mandate documents. S1
  • Partly published: asset allocation, named leadership. S1 S2
  • Not published: total assets, annual return, long-term returns, geographic or sector split, holdings or deal list, audited financial statements, regular reporting schedule. S1

History

DateEvent
2012-04-09Law 232 creates FINPRO. S1
2012-10-03Supreme Decree 1367 names BDP-SAM trustee. S3
2014-07-21Law 550 widens the sectors FINPRO can fund. S5
2019-06-24Central bank clarifies that borrowers owe the trust. S3

For family offices

FINPRO lends only to state ventures, so there is no route for private investors. It is useful context on how Bolivia funds state industry. S1

Reports

Common questions

Is FINPRO a savings fund?

No. It is a trust that lends to state productive ventures, which repay it. S1

How was it funded?

USD 1.2 billion from international reserves: half a grant, half a 30-year interest-free loan. S1

Who manages it?

The development bank BDP-SAM, as trustee. S3

What has it financed?

Projects include the Mutun steel plant and an EBA food processing plant. S5

All sovereign wealth funds in Latin America and Caribbean · All strategic development funds · All funds in Bolivia

Sources

  1. S1Law 232 of 9 April 2012 (FINPRO), Banco Central de Bolivia
  2. S2BDP-SAM, FINPRO trust page
  3. S3Banco Central de Bolivia, press note 49 on FINPRO (24 June 2019)
  4. S4Gaceta Oficial de Bolivia, Supreme Decree on FINPRO loan to EBA
  5. S5Gaceta Oficial de Bolivia, Supreme Decree 4041 (FINPRO loan to Empresa Siderurgica del Mutun)
  6. S6BDP-SAM, Annual Report 2025

Disclaimer

Informational only. SovereignWealthFunds.com is an independent public-source reference. It is not affiliated with or endorsed by any fund named on it, and it is not investment, legal or tax advice. Figures are as of the dates shown next to them and may have changed; please read each fund's official pages, linked on its profile. To report an error, use the contact page. Copyright SovereignWealthFunds.com. All rights reserved.

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