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Caputo highlights IDB commitment with Argentina evidenced by a USD 10-billion contribution to the Argentine Government

The multilateral organization increased the amount of its loans to the country for 2017 to USD 2.3 billion and USD 2.35 billion in 2018.

The Minister of Finance, Luis Caputo, together with the head of the Inter-American Development Bank (IDB), Luis Alberto Moreno, offered a press conference to give details about the loans signed during the morning for USD 1.28 billion. These credits include financing for technological innovation programs, citizen safety, early childhood, strengthening of the statistical capacity of the National Institute of Statistics and Censuses (INDEC, for its acronym in Spanish), transparency and integrity reforms, the improvement of General San Martin Railway and investment in water and sanitation services for the metropolitan area of the City of Buenos Aires.

By the end of 2017, the IDB will have approved USD 2.3 billion for technological innovation, citizen safety, education, transportation, water and sanitation services, institutional strengthening, transparency and financial security, urban development and regional integration projects such as the tunnels of Agua Negra (USD 130 million) and Cristo Redentor (USD 200 million). In addition, the IIC – which had already approved projects for USD 130 million – plans additional projects for USD 410 million.

The IDB has announced commitments for 2018 for an amount of USD 2.35 billion for the public sector (USD 2 billion correspond to Argentina’s annual quota and USD 300 million to resources for regional projects). In addition, the IIC has committed itself to USD 600 million.

Argentina, the IDB and the World Bank will create a Fund to Develop Infrastructure for a total amount of USD 900 million (USD 600 contributed by the IDB and USD 300 by the WB).

During the conference, given this afternoon at the Ministry’s building, Mr. Minister talked about the strategic support offered by the multilateral organization and he said: “It is a proof of the international community’s confidence in the reforms implemented in Argentina”. In this sense, Caputo highlighted the multilateral organization’s role in the regional growth agenda and in the development of infrastructure works in the country. At the end of the Government’s term, the IDB will have committed itself with around USD 10 billion of public and private resources. “We must recall that in December 2015, when President Macri took office, IDB commitment was of USD 6 billion. This number was broadly increased thanks to the confidence in this Administration”, the Minister of Finance highlighted.

Luis Alberto Moreno highlighted Argentina’s improvements in the consolidation of the economic growth and in the country’s efforts to improve the dynamics of its productive activity. “The reason why the IDB is strongly relying in Argentina is because the efforts to create confidence are evidenced in the economy and in how investors and the international financial community see the country today. Since President Macri took office, we have increased four times our activity in the country”, Moreno said.

Nowadays, the IDB has 62 projects in Argentina for a total amount of USD 10.1188 billion. The IIC has 18 projects in the country for a total amount of USD 550.3 million for the transportation, agro-business and financial entities sectors.

The signed Projects that will be financed by the IDB are the following:

Technological Innovation Program V: USD 100 million

Federal Security Program: USD 25 million

Support to the National Plan of Early Childhood and to the Universalization of Early Education Program: USD 200 million

Drinking Water and Sanitation for the Metropolitan area and the locations of the First, Second and Third section of Greater Buenos Aires Program: USD 305 million

Improvement of General San Martin Railway Project: USD 400 million

Strengthening of INDEC Statistical Capacity Program: USD 50 million

Support to Transparency and Integrity Reforms Program: USD 200 million