The Minister of Finance, Luis Caputo, will be travelling this week to the United States to participate in 2017 World Bank and International Monetary Fund Spring Meetings in Washington. On Wednesday morning, he will be meeting with the members of Americas Society and Council of the Americas in New York and after that he will offer a press conference.

On Thursday, Mr. Minister will participate, in his capacity as Governor before the World Bank, in the Panel: “Infrastructure: Latin America and the Caribbean’s New Growth Engine”, where he will be talking about infrastructure investment in Latin America and the Caribbean to pave the way for an economic recovery and to promote growth.

The panel will also include the participation of the Brazilian Minister of Planning, Dyogo Oliveira; the President of the National Development Financial Agency of Colombia, Clemente Del Valle; the Vice President of the World Bank for Latin America and the Caribbean, Jorge Familiar; and the Chief Executive Officer for the World Bank, Kristalina Georgieva. The moderator will be Gabriela Frías (CNN in Spanish). The event will be broadcasted live through the organization’s website. In addition, the World Bank will broadcast an interview with Minister Caputo through Facebook Live.

On Thursday, the Chief of Cabinet, Pablo Quirno, will participate in the Global Infrastructure Facility (GIF) Advisory Council Meeting, at the panel “Country Infrastructure Program. Focus on Latin America”. Quirno will also participate in the Paris Forum together with the Secretary of Finance, Santiago Bausili.
Likewise, on Thursday afternoon, the Finance Minister will hold a bilateral meeting with the Vice President of GE, John G. Rice. He will also attend a reception at the Argentine Embassy within the framework of the World Malbec Day together with Pablo Quirno, Santiago Bausili and the Undersecretary of International Financial Relations, Martin Soto.

In addition, on Friday, the Ministry of Finance’s Team will hold a bilateral meeting with the President of the World Bank, Jim Kim. Jim Yong Kim took office as 12th President of the World Bank on July 1st, 2012 and he was unanimously re-elected President of the organization until 2022.
Likewise, Caputo will be holding a working meeting with the President of the International Fund for Agricultural Development (IFAD), Gilbert Huongbo.

The Finance Ministry Team, together with representatives of the Ministry of Foreign Affairs; the Secretary of International Economic Relations; the Ambassador Extraordinary and Plenipotentiary, Horacio Reyser; and the National Director of Bilateral Economic Negotiations, Ambassador Daniel Polski, will attend the National Development and Reform Commission.

At said Commission, the Chief of Cabinet, Pablo Quirno, will give a speech at the event “Strategic Dialogue on Trade and Economic Cooperation”, which will discuss the macroeconomic prospects of Argentina and cooperation on priority infrastructure projects for the next 5 years, included in the 2017-2021 Public Infrastructure Investment Cooperation Plan between both countries.

In addition, the Finance Ministry Team will meet with Directors of China Development Bank to make progress in the South Dams project and in the rehabilitation of Belgrano Cargas Railway. The following officials will also participate in the meeting: Pedro Sorop, Chief of Cabinet of the Ministry of Transportation; Jose Uriburu, Advisor of the Ministry of Transportation; Tian Yunhai, director for American and African affairs of the Department for International Cooperation of China Development Bank; and other Directors of the International Department of said Bank.

The Finance Ministry Team, together with the Undersecretary of Urban Development and Housing, Ivan Kerr, will meet at Exim Bank with the entity’s manager: Tong Qing, Deputy General Manager of the Concession Department, to present the Social Housing Development Program Project.

After that, the presentation of the Program Project before the Commercial Credit Department of Exim Bank will take place. In this event, Soto and Kerr will meet together with the Deputy General Manager of Exim Bank, Yu Wen.

Finally, the Finance Ministry Team will meet with the Deputy General Manager of Exim Bank, Tong Qing, to continue the negotiations on the evaluation of the Cauchari I, II and III Photovoltaic Park Project, located in Jujuy. They will work together with the team of the Ministry of Transportation in the technical aspects for the financing of the San Martin de Cragas Project.

The Board of Directors of the International Bank for Reconstruction and Development (IBRD), one of the five institutions of the World Bank Group, approved this Thursday a loan for USD300 million to strengthen the flooding prevention infrastructure in Salado River Basin of the Province of Buenos Aires.

Within that framework, the Minister of Finance, Luis Caputo, said: “We need more investment in infrastructure, not only to guarantee the population’s welfare, but also to develop a more competitive economy and to create genuine jobs”, and he added: “For that reason, it is crucial for us to have strategic allies, such as the World Bank, that guarantee the financing we need in order to grow”.

The project “Support to the comprehensive management of Salado Basin” will benefit the whole population of the Basin (1.4 million people) and the structural works will have a direct impact in San Miguel del Monte, Lobos and Roque Perez, 75,000 people in total.

This Project will be also complemented by a contribution of the Provincial Government of USD75 million and it will enable the adjustment of the course in order to prevent floods and to improve bridges, thus reducing the risks for the population and the impact on economic activities. Institutional strengthening is also expected in the management of water resources and the environment protection, by supporting the sustainable management of infrastructure investment.

To that end, the initiative has three elements: the strengthening of institutional capacities for an integrated management of water resources, fluvial works in 34 km of Salado River, and the support to Provincial bodies for the management of the project and the active participation of beneficiaries. In this sense, fluvial works will have an efficient approach in terms of costs, with a responsible management of sediments, which improves soil productivity, and voluntary agreements with the owners of the land.

The Basin of Salado River is strategic for the economy of the country due to the fact that the 25% of the national production of grains and meat comes from this area. In 2015, the highest raining level in the history of the Basin caused the flood of nearly 2 million acres, the death of 6,000 head of livestock and losses amounting to 652 million dollars.

In this sense, the Vice President of the World Bank for Latin America and the Caribbean, Jorge Familiar, said: “This loan represents the World Bank’s support to Argentina to improve the population’s living conditions”, and he added: “We will continue working with the country in the strengthening of infrastructure and productivity, among other areas, in order to foster sustainable growth and the creation of jobs”.

This way, the World Bank continues supporting the country through long-term financing for the necessary infrastructure works to guarantee development.