News Uruguay.

El Observador. Uruguay, October 6, 2021 - De Narváez to triple its investments in Uruguay and generate 1,500 jobs.

The aim is to set up businesses in the interior of the country and allow Mides’ beneficiaries will have a preferential right on vacancies.

The Argentine businessman, Francisco De Narváez, announced this Wednesday that he would “triple” the investments in Uruguay which will mean 1,500 new jobs in the coming years. The entrepreneur, who leads De Narváez Group, owner of Ta-Ta supermarket chain, Multi Ahorro Hogar, BAS clothing firm, woOw! eCommerce company and San Roque pharmacies met this Wednesday in the Executive Tower with Luis Lacalle Pou, President of the Republic. After the meeting, at a press conference, he commented that Uruguay 'inspires confidence' for companies and that this is a 'driving force' for investment. In that sense, he announced that De Narváez Group will ‘triple’ its investments in the next years creating 1,500 new jobs mainly in the ‘interior of the country’. ‘We have concluded an agreement with the Ministry of Social Development (Mides) so that they also have a preferential right on the vacancies as they become available’ he said. The growth plan includes 30 Ta-Ta supermarkets, 25 San Roque pharmacies and other BAS stores, as reported by Teledoce. De Narváez recalled that in recent weeks Ta-Ta had launched Negotiable Debt Obligations for USD100M and a 20-year term, and the supermarket chain also received a loan from BID Invest for USD35M in pesos for a thirty-year term. ‘Again, the long term is only inspired by confidence in the country’, he pointed out. In July, Ta-Ta supermarket chain received a capital contribution of USD10M from BID Invest who became its minority shareholder. In addition, the bank provided funding in Uruguayan pesos for an amount equivalent to USD35M. Ta-Ta now employs just over 5,000 people nationwide, a 75 percent of which are women. The chain CEO, Christopher Jones, said that it is Ta-Ta obligation to continue to invest in training and education programs.