The Minister of Finance, Luis Caputo, accompanied this afternoon the Mayor of the City of Buenos Aires, Horacio Rodriguez Larreta, and the President of the Inter-American Development Bank (IDB), Luis Alberto Moreno, in the announcement of projects to develop more green areas and improve housing conditions, health services and education in Barrio 31 of the City of Buenos Aires. In addition, the IDB announced it will be moving its offices from the downtown of the City of Buenos Aires to this neighborhood. More than 160 employees will be working at these offices.

The Inter-American Development Bank announced that its credit approvals with sovereign guarantee for the Argentine Republic in 2017 will reach a total amount of USD2.1 billion dollars; this is USD500 million more than what had been estimated by the organization for 2017, which means a historical record for IDB operations in the country. USD300 million out of said amount are intended for the Province of Buenos Aires.

The President of the IDB, Luis Alberto Moreno, explained today after his meeting with President Mauricio Macri and Finance Minister Luis Caputo, that the Bank had expected an amount of approximately USD1.45 billion for its operations in Argentina in 2017. However, thanks to the improvement in the risk-country rating, within other elements, the IDB decided to add USD500 million more and an additional USD130 million financing for the Bi-national Project Agua Negra Tunnel.

In addition, the Minister of Finance, Luis Caputo, signed this Wednesday agreements with the President of the IDB for more than USD1 billion to finance regional infrastructure and development projects.

The agreements were executed at the Olivos Residence after the meeting held by the President of the IDB, President Mauricio Macri and members of the National Cabinet. Within that framework, Caputo highlighted: “We continue working to guarantee the conditions for economic development, through infrastructure investment in the different regions of the country”.

On the one hand, an agreement for the financing of 8 projects with sovereign guarantee that amount to a total of USD1.006 billion was signed.

The projects are:

• Program to extend the capacity and safety in road corridors for a regional integration (Route 19) for USD300 million
• Program for the development of metropolitan areas of the country II, USD80 million
• Institutional strengthening for the Ministry of Finance and the Ministry of Treasury, USD13 million
• Single window facility for foreign trade in Argentina, USD73.6 million
• Program for the structuring of Agua Negra International Tunnel, USD20 million
• Multiphase Program of primary health care for Chronic Non-Communicable Diseases, USD100 million
• Program for provincial agricultural services IV, USD100 million
• Program for drinking water and sanitation in the metropolitan area of the City of Buenos Aires

On the other hand, the financing of two projects from the Inter-American Investment Corporation (IIC), part of the IDB Group, was announced for a total of USD352.5 million. This project is aimed at improving connectivity between the City of Buenos Aires and the Southern area of the Province of Buenos Aires and at improving housing conditions at Barrio 31 of the City of Buenos Aires.

Finally, at the meeting, the officials announced that the IIC will enter into an agreement with the mobile phone company Telecom Personal for USD100 million. This loan will finance the extension of 4g network across the country and it will give access to up to 8.5 million subscribers.

April 2, 2017

This Sunday, the Minister of Finance, Luis Caputo, attended the last working day of the IDB Annual Meeting of Governors in Asuncion.

In the afternoon, the closure of the Meeting took place and Argentina hosting 2018 IDB Annual Meeting was made official. Caputo thanked the IDB for its commitment with Argentina and he highlighted the fact that the organization is a strategic ally in the changing process of the country.

Likewise, the Minister of Finance highlighted the connections between the agenda addressed at the Annual meeting and the working program of his Ministry: the financing of infrastructure, the development of the capital market and the formalization of the economy.

In addition, during the morning, Caputo participated in the presentation of the macroeconomic report of the region and, after that, in the traditional Governors photo.

Later, he attended the joint meeting of the IDB and IIC committees, where the participants talked about the recapitalization of the IDB Group’s Multilateral Investment Fund (MIF), which Inter-American Forum on Microenterprise (FOROMIC) will be carried out in October in Argentina.

FOROMIC is the most important annual event in micro-financial and business affairs of the region and it will take place in Argentina after 18 years. Within this framework, Caputo highlighted: “We are proud to host 2017 FOROMIC”. He also thanked “the IDB and the donor committee for the consensus achieved” and he added that “many SMEs were able to grow and develop with the support of the MIF”.

The MIF, created in 1993, is one of the units of the IDB Group that designs and finances projects of the private sector with an innovative approach. With more than 2000 development projects financed by different partners, the MIF’s 2016-2018 Business Plan focuses on three main strategic areas: Inclusive Cities, Climate-Smart Agriculture and Knowledge Economy.

During the afternoon, Caputo held bilateral meetings with the Deputy Assistant Secretary for Middle East and Africa of the Office of International Affairs of the U.S. Treasury, Eric Meyer, and later with Canada’s Assistant Deputy Minister of Global Issues and Development, Sarah Fountain Smith.

April 1, 2017

In a tough day of multilateral meetings, the Minister of Finance, Luis Caputo, continued this Saturday with his activities in the City of Asuncion in the context of the 2017 Inter-American Development Bank (IDB) Annual Meeting.

At noon, Luis Caputo led the Technical Preparatory Meeting of Ministers of Finance, together with the Vice-President of Sectors and Knowledge of the IDB, Santiago Levy Algazi. They talked about the issues to be address in October at the IDB Ministerial Meeting, at which the Minister of Finance will present financial inclusion as a main issue. During the meeting, Caputo highlighted that “financial inclusion is an unresolved issue for the production and growth of the region”.

Within said framework, Mr. Minister explained that “it is a combination of tools to foster domestic savings and to extend the benefits of the financial system to the whole society, such as the access to credit; and he added that this leads to more investment and therefore to the creation of businesses and jobs”.

Later, Argentina hosting the 2018 IDB Annual Meeting, taking place in Mendoza, was announced. Within said context, Caputo thanked the international community’s confidence in the change the country is making and he gave an enthusiastic welcome to the incentive the multilateral organization is giving to the agenda for the growth of the region.

In addition to the official presentation of the Minister of Finance, the event included the participation of the Governor of Mendoza, Alfredo Cornejo; the President of the IDB, Luis Alberto Moreno; and the Minister of Treasury of Paraguay, Santiago Peña Palacios, and a representative stand of the country, with typical food and dances.

Likewise, during the morning, Caputo attended the preliminary session of Delegation Chiefs and the IDB and IIC committee meetings.

The Finance Minister also held a working meeting with the authorities of the European Investment Bank (EIB), which included the participation of representatives of the Ministry of Finance (the Chief of Cabinet, Pablo Quirno, and the Secretary of Finance, Santiago Bausili) and representatives of the EIB (The Vice-President, Roman Escolano; the Director of Global Partners, Maria Shaw-Barragan; the Head of Division for Operations in Latin-America and the Caribbean, Philippe Szymczak; and the Responsible for Operations in Latin-America and the Caribbean, Alexandre Staff Varela).

Caputo also met with his peers of the region. First, with the Minister of Planning, Development and Management of Brazil, Dyogo Henrique de Oliveira, and the Secretary of Treasury and Public Credit of Mexico, Jose Antonio Meade Kuribreña; and after that, he met with the Ministers of the Pacifica Alliance. Said meeting included the participation of: Mauricio Cardenas, Minister of Treasury and Public Credit of Colombia; Alfredo Eduardo Thorme Vetter, Minister of Economy and Finance of Peru; Alejandro Micco Aguayo, Undersecretary of Treasury of Chile; and Jose Antonio Meade Kuribreña from Mexico. His Brazilian peer, Dyogo Henrique Olveira will also participate.

In the afternoon, the Finance Minister will held different meetings with investors and financial institutions and he will participate in the Special Meeting of Governors. Caputo will also talk with Juan Notaro Fraga, President of the Financial Fund for the Development of La Plata Basin (FONPLATA) about the financing to modernize the State and support Provinces affected by “El Niño”. Finally, he will attend the opening session and he will meet with different investors.