The Minister of Finance, Luis Caputo, participated this afternoon in the execution of loans from the International Bank for Reconstruction and Development (IBRD), part of the World Bank Group, for USD 470 million aimed at infrastructure works in the Province of Buenos Aires and in the City of Buenos Aires. The Governor of the Province of Buenos Aires, Maria Eugenia Vidal, and the Mayor of the City of Buenos Aires, Horacio Rodriguez Larreta, also attended the event.

The meeting was held at “Casa de la Provincia de Buenos Aires”, where Caputo signed the sovereign guarantee agreement of the projects. In addition, the Director of the WB for Argentina, Paraguay and Uruguay, Jesko Hentschel, and the Minister of Economy of the Province of Buenos Aires, Hernan Lacunza, and the Minister of Treasury of the City of Buenos Aires, Martin Mura, signed the loans that will improve the Salado River Basin and make progress in the urban transformation of the Metropolitan Area of the City of Buenos Aires.
The Chief of Cabinet of the Ministry of Finance, Pablo Quirno, and the Undersecretary of International Financial Relations, Martin Soto, also attended the event.

Within said context, the Minister of Finance said the “WB is a strategic partner in the improvement and modernization of infrastructure in Argentina”. In addition, Hentschel said “with these projects, the WB aims to reduce poverty and to strengthen sustainable development in the City of Buenos Aires and in the Province of Buenos Aires”. Likewise, he highlighted that “the urban transformation of informal settlements will improve the living conditions of more than 100,000 people and a better flood protection in the Salado River Basin will create opportunities for more than one million people”.

This way, the “Support to the Comprehensive Management of Salado River Basin” Project will improve flood protection and will strengthen the capacity of the institutions responsible for the management control of water resources in the river basin. The project amounts to USD 375 million: USD 300 million will be financed by the WB and USD 75 million by the Province of Buenos Aires.

The improvements in the management of water resources will benefit the whole population of Salado River Basin: a total of 1.4 million people. In addition, the works will directly benefit approximately 75,000 people residing in the municipalities of San Miguel del Monte, Lobos and Roque Perez.

Moreover, the projects of “Urban Transformations of the Metropolitan Area of Buenos Aires” will improve housing conditions and the access to basic services and infrastructure in selected vulnerable neighborhoods of this area, and they will also strengthen the institutional capacity for urban management at the metropolitan level. The total amount of these projects is USD 200 million: USD 170 million will be financed by the WB and USD 30 million by the City of Buenos Aires.

This project will benefit the residents of “Barrio 31” in the City of Buenos Aires: around 43,190 people, and approximately 5,000 residents of the neighborhood that will be selected in the Metropolitan Area. The indirect beneficiaries will be subnational governmental bodies of the area, which will be benefitted by a better institutional capacity for urban management at the metropolitan level. In addition, the implementation of policies and programs in urban development will have a positive impact on the 14.9 million inhabitants of the Metropolitan Area.

The IBRD is an international organization created in 1944, which objective is to contribute to the development of the Nations through loans, guarantees, risk management products and assistance services for member countries.

The International Bank for Reconstruction and Development (IBRD), part of the World Bank Group aimed at helping developing countries, approved a USD 300-million loan for the “Northwest Road Development Corridor Project”, which objective is to extend the road capacity and safety in the Provinces of Jujuy, Salta, Santiago del Estero and Tucuman.

The main objective of the project is to improve the connectivity and road safety of the corridor, contributing to the regional development of the Provinces in the Northwest of Argentina.

The project will finance infrastructure works in 93.1 km that will include the extension of lanes (from 2 to 4) creating a highway with control of the points of access, intersections and returns. Road rehabilitation works will also be carried out.

In addition, the initiative foresees the conduction of feasibility studies related to logistics and the installation of assistance services in the road; and the implementation of awareness campaigns for pedestrians, cyclists and motorcyclists. Likewise, the project foresees the improvement of Barro Negro checkpoint with the provision of technological equipment and the improvement of the fiscal office of the Revenue Department and of the General Undersecretary of Customs Control in Pampa Blanca.

The IBRD is an international organization created in 1944, part of the World Bank Group. The objective of the institution is to contribute to the development of the Nations through loans for member countries.

December 13, 2017

The Financial Fund for the Development of La Plata River Basin (FONPLATA) approved today the financing of two projects in Argentina for a total amount of USD 62.2 million during the 156th Board of Directors Meeting in Asuncion (Paraguay) with the presence of the Undersecretary of International Financial Relations of the Ministry of Finance, Martin Soto.

The first line of credit, for USD 40 million, will be aimed at the “Connectivity of Greater Buenos Aires Project”. The objective is to improve connectivity and shorten travel times in the different municipalities of Greater Buenos Aires.

For the execution of the Project, works will be developed in the districts of Lanus, Lomas de Zamora, Presidente Peron, Esteban Echeverria, Almirante Brown, San Vicente, San Miguel, Jose C. Paz, Moreno and Tres de Febrero. In this sense, it is expected to re-pave Provincial Route No. 16; the Perimeter Corridor Lanus – Lomas de Zamora; the connection of Provincial Routes No. 23 and 24; and the Connection with Provincial Route No. 4.

The result of the project will be 30% shorter travel times and it will benefit more than 2 million inhabitants of the corresponding municipalities.
The second line of credit, for USD 22.2 million, will be aimed at the “Infrastructure Project for Integration” which objective is to renovate, extend and update the Border Centers in the Provinces of Entre Rios, Mendoza, Misiones and Corrientes.

The program will have an impact on the border areas of Brazil, Paraguay, Uruguay and Chile. The expected result is the increase of faster and more efficient controls of load and passengers flows in every crossing point, creating the appropriate conditions for the social and economic development in neighboring areas.

In 2017, Argentina approved projects with FONPLATA for a total amount of USD 67.2 million. The current portfolio of ongoing projects financed by the Organization amounts USD 342 million. This year, loans have been signed for a total amount of USD 182 million.

FONPLATA is a multilateral Organization formed by 5 countries: Argentina, Bolivia, Brazil, Paraguay and Uruguay, which main mission is to support the integration of member countries to achieve an inclusive development within the geographic areas of influence of La Plata River Basin through credit operations and non-refundable resources.

December 1, 2017

The Inter-American Development Bank (IDB) approved a USD 724.3-million credit to extend and improve Cristo Redentor Corridor that connects Argentina with Chile.
The credit has two financing lines: the first one of USD 524.3 million aimed at the financing of the “Capacity Expansion and Security Improvement in Cristo Redentor Corridor Program”; the second line of credit is a first individual loan of up to USD 200 million to execute the works of the Program, including one version in the Province of Mendoza.

In this sense, Minister Luis Caputo highlighted “IDB strategic support for our agenda of development of infrastructure works”.

The main objective of this credit is to contribute to the improvement of the cross-border integration between the countries, reducing transport times and costs in the Corridor.

The project will finance the construction of access points to urban areas; the extension and improvement of roads and works to guarantee a safe international border crossing; as well as works to mitigate the social-environmental impact and the acquisition of land. Likewise, it will finance the strengthening of the National Roads and Highways Bureau as regards control and supervision of works.

The works will directly benefit 2,314,000 people per year, within passengers and users of freight transport. It will also benefit, indirectly, more than 900,000 inhabitants of different Cities in the Province of Mendoza by the social-environmental impact of the project.

Currently, the crossing border is the main connection point between the Province of Mendoza and the V Region of Valparaiso in Chile, with 2,100 vehicles passing every day. In addition, it has the largest volume of heavy traffic with 40% of trucks representing the 77% of trade in this crossing point.