FONPLATA approves USD 50-million financing for Railway Safety in Buenos Aires
October 10, 2018
The Executive Board of Directors of the Financial Fund for the Development of the River Plate Basin approved today USD 50-million financing for Argentina. The loan shall be aimed at the project “Support to the Railway Safety Program in the Metropolitan Area of Buenos Aires”.
The financing agreement was approved at the 160th Ordinary Board of Directors Meeting held in Asunción. Martín Soto, Undersecretary of International Financial Relations of the Ministry of Treasury, and Héctor Dottore, National Director of Financing with Regional Credit Organizations, participated in the meeting.
The project will develop the improvement of the signal system in the Metropolitan area of Buenos Aires; the improvement of railway tracks; the improvement of stations; the improvement of electric power; and the construction of viaducts and level crossings. The National Railway Plan is also financed by bilateral and multilateral organizations and by public-private partnerships.
FONPLATA is a multilateral organization which member countries are Argentina, Bolivia, Brazil, Paraguay and Uruguay. Its main purpose is to support the integration of member countries to achieve an inclusive development. It also contributes to the reduction of social and economic inequalities to achieve a better insertion in the region and into the global markets. Currently, the portfolio of transaction between the Argentine Republic and FONPLATA amounts USD 383 million.