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IDB approves USD 130-million financing for the modernization of the hydroelectric plant and the fostering of productive and tourism competitiveness of Salto Grande

The IDB approved two integration operations that will benefit Argentina and Uruguay

The Inter-American Development Bank (IDB) has approved two financing packages worth a total of USD 130 million in support of a program to modernize the Argentine-Uruguayan binational hydroelectric power plant in Salto Grande and a program to boost the competitiveness of the productive and tourism sectors of that region.

The plan to modernize the hydroelectric plant’s infrastructure and equipment will help ensure the facility’s availability by contributing reliability and efficiency to the inter-connection between the two countries.

The specific goal of the program is to prolong the plant’s working life. In order to achieve this it will finance work such as the modernization of the speed regulators of the turbines; replacement of the hydromechanical systems of the spillway and strengthening of the spillway gates; replacement of the facility’s lifting systems; upgrading of the auxiliary electrical systems and the control systems; replacement of the main transformers and the communications and control systems, among others.

The program will keep the plant operating at adequate levels of availability and reliability, benefiting 17 million users of the Argentine and Uruguayan electricity grids with renewable energy and quality, cost-efficient service.

Meanwhile, the Salto Grande Regional Development and Integration Program aims to boost the productivity of the productive sectors and enhance the region’s positioning as a tourism destination and as well as its connectivity so as to attract more local and foreign tourists.

The beneficiaries in Argentina will be nearly 2,000 citrus producers, berry and fruit growers, 291 forestry-industrial companies, 908 hotels and restaurants and more than 2,200 commercial outlets.

The IDB credit for the project to overhaul the hydroelectric plant is over 25 years with a five and a half year grace period and an interest rate pegged to the LIBOR. The loan for development and integration of Salto Grande carries those same terms.

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FONPLATA will finance road infrastructure works worth more than USD 37 million

The multilateral organization also approved the amendment of its Articles of Agreement which will enable the inclusion of new partners and the creation of strategic alliances

The Financial Fund for the Development of the River Plate Basin (FONPLATA) approved a financing agreement for the project of Provincial Highway No. 13 of the Province of Chaco for more than USD 37 million at the 161st Board of Directors Meeting held in Santa Cruz de las Sierras (Bolivia). The meeting was attended by the National Director of Financing with Credit Regional Organizations of the Ministry of Treasury, Héctor Dottore.

The project, amounting to USD 45.75 million, is aimed at the improvement of productivity and the economic integration of the Province. It will also include the paving of the Provincial road infrastructure.

Likewise, FONPLATA Board of Governors approved the amendment of its Articles of Agreement to become a multilateral development bank and enable the inclusion of new partners.

Currently, the ongoing projects between Argentina and FONPLATA amount to USD 430 million. The loans are mainly aimed at infrastructure, transportation and production.

FONPLATA is a multilateral organization whose 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.

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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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