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  4. November 2018

Argentina strengthens its Trade links at the 12th China-LAC Business Summit

The Minister of Internal Affairs, Public Works and Housing, Rogelio Frigerio, attended the first day of the 12th China-LAC Business Summit together with the Undersecretary of International Financial Relations, Gustavo Bordet.

The event is the first promotion mechanism and platform for economic and trade cooperation between China and Latin America & the Caribbean. Within this framework, Minister Rogelio Frigerio presented the regional macroeconomic situation and focused on the opportunities to improve infrastructure and connectivity between the regions. “Promoting integration between our production systems, and above all between our people, within a framework of respect for diversity, will lead us to a prosperous future with opportunities for everyone”, Mr. Minister said.

The Summit is organized by the China Council for the Promotion of International Trade (CCPIT), the People’s Bank of China (PBOC) and the Inter-American Development Bank (IDB) to foster cooperation, trade and investment. Currently, it is attended by more than 2,000 participants including businessmen, diplomats and Government officials from China, Latin America and the Caribbean.

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Progress is made in IDB Financing for the development of the region of Salto Grande

The Minister of Internal Affairs, Public Works and Housing, Rogelio Frigerio; the Undersecretary of International Financial Relations, Martín Soto; and the Governor of the Argentine Province of Entre Ríos, Gustavo Bordet, met today in China with the Vice President for Countries of the Inter-American Development Bank (IDB), Alexandre Meira da Rosa, to make progress in negotiations for the financing of the Development and Integration Program of the Region of Salto Grande.

The meeting was held within the context of the 12th China-LAC Business Summit, organized by the IDB, the China Council for the Promotion of International Trade (CCPIT) and the People’s Bank of China (PBOC) and after the negotiation led by the Under-secretariat of International Financial Relations of the Ministry of Treasury. At today’s event, the officials ratified the importance of developing integration projects in Latin America.

The USD 50-million loan will be directly awarded to the Province of Entre Ríos, with the guarantee of the National Government, and it is aimed at the project promoted by the IDB to support the physical and productive integration of the region of Salto Grande (Argentina – Uruguay).

In particular, the project is aimed the reopening of the Airport Comodoro Pierrestegui of the city of Concordia and the financing of the design and implementation of the agency that promotes exports and investments in the Province, which will include a multi-sectorial fund to foster business development in the region. The project will benefit more than 238,000 citizens of Concordia and Federación with a new transportation service.

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  4. November 2018

IDB approves financing for USD 900 M for social protection programs in Argentina that will benefit more than 4 million people

The Inter-American Development Bank (IDB) approved today a USD 900-million credit line for Argentina aimed at the sustainability of the programs “Hacemos Futuro”, “Progresar” Scholarships and the Social Tariff for Public Transportation. The loan will benefit more than 4 million people. This is the first operation of a multi-phase credit line for USD 1.5 billion to foster education, job training and access to public transportation.

More specifically, this program will benefit 235,000 people of the program “Hacemos Futuro” carried out by the Ministry of Health and Social Development; 653,723 young adults between the ages of 18 and 30 beneficiaries of “Progresar” Scholarships granted by the Ministry of Education, Culture, Science and Technology; and 3.8 million beneficiaries of the social tariff for public transportation. In addition, 360,000 beneficiaries will have an extension on the tariff promoted by the Ministry of Transportation.

IDB – Inter-American Development Bank is a multilateral organization and a strategic ally for Argentina. Since 2016, IDB has increased a 122% its participation compared with the 2013-2015 period in the financing of development projects aimed at improving the health, education and infrastructure sectors.

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WB approves USD 950-million Financing for Social Protection

The Board of Directors of the World Bank (WB) approved today two loans worth a total of USD 950 million to support Argentina in facing its economic difficulties and strengthening the social protection for the most vulnerable.

“We receive this support to Argentina, focused on the most vulnerable sectors, in a crucial moment for our country and it is an evident sign of confidence”, said the Minister of Treasury, Nicolás Dujovne.

The first loan for USD 500 million will be aimed at the budgetary needs of the country. This support, known as Development Policy Financing (DPF), recognizes the efforts and public policies that promote inclusive growth.

The second loan for USD 450 million will be aimed at the Protection of Children and Young Adults Project. The goal is to reach 250,000 children not covered by the Universal Benefit per Child (AUH, for its acronym in Spanish).

“The World Bank offers its strong support to the country in these times of hardship, in particular to the most vulnerable”, said Jorge Familiar, Vice President of the World Bank for Latin America and the Caribbean. “This financing is aimed at protecting the most vulnerable families from the risk of poverty and at fostering inclusive and sustainable growth in the country”, he added.

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