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.

November 29, 2017

The Inter-American Development Bank (IDB) approved USD 200-million financing to improve road infrastructure in the Province of Buenos Aires through the “Program to Extend the Capacity and Security of Road Corridors in the Province of Buenos Aires”. Likewise, the credit Institution approved financing for USD 20 million to support the development of the Financial Inclusion National Strategy.

The first program is aimed at extending the capacity of roads, transforming them into freeways to transport the production of the Province and to carry the national production to the port of Buenos Aires. To that end, it will finance road duplication, the construction of paved roads and access to different locations, as well as technical and environmental controls of works.

The other program is aimed at the strengthening of the Financial Inclusion National Strategy that will improve the access of families and enterprises to the formal financial system, from which 50% of the population is excluded. It will also increase the use of digital services and payment methods and it will promote the access of SMEs to credits in sustainable conditions.

The IDB contributed in the preparation and the design of this Strategy and it has the support of Queen Maxima of Netherlands, as Special Ambassador of the Secretary General of the United Nations on Financial Inclusion for Development.

The Minister of Finance, Luis Caputo, highlighted “the commitment of the IDB with the development and growth agenda of Argentina. It is an ally that helps us in the challenge of becoming a competitive country, capable to get a better position in the world”. Regarding the financial inclusion policy developed by the Government, Caputo said: “Promoting these policies is creating equal opportunities. There is no possibility to grow without financial inclusion”.