The loans will go toward upgrading the Belgrano Sur railway and developing electric transportation in Buenos Aires. Productive financing will also strengthen through the capital markets

Within the framework of the CLXIII Meeting held in Madrid, the Board of Directors of the Development Bank of Latin America (CAF) approved loans for USD 400 million aimed at infrastructure projects and the development of capital markets in Argentina.

USD 150 million will be allocated for the Belgrano Sur railway for doubling tracks in some areas, renovating stations and maintenance along a 47km route.

USD 100 million will be allocated for the development and research of possible electric transportation options.

Finally, USD 150 million will be allocated for the Argentine Treasury Ministry initiative known as Capital Markets Development Program for Productive Financing. This law promotes the financial inclusion of micro, small and medium enterprises in capital markets, fosters national savings and strengthens the Argentine Securities and Exchange Commission.

CAF is a development bank created in 1970, owned by 19 countries – 17 of Latin America and the Caribbean, Spain and Portugal- as well as 13 private banks in the region.

It promotes a sustainable development model through credit operations, non-reimbursable resources, and support in the technical and financial structuring of projects in the public and private sectors of Latin America.

The Minister of Treasury, Nicolás Dujovne, met with the President of Chile, Sebastián Piñera, and his Minister of Treasury, Felipe Larraín, in Santiago de Chile. During his stay in the country, Mr. Minister discussed strategic issues related with bilateral trade, Argentina’s access to the OECD and Chile’s experience in fiscal issues.

After the meeting with the two officials, Dujovne said: “The meeting was very productive; we analyzed the structural fiscal rules of the Republic of Chile, something Argentina might consider in the future once we achieve fiscal surplus”.

Regarding international trade, Mr. Minister highlighted the relevance of the free trade agreement between both countries: “We talked about the concern on the growing protectionism trend at a global level. Argentina and Chile are committed towards trade progress and both countries already have their parliaments discussing the free trade agreement”.

Finally, Dujovne highlighted the importance of the support given by the international financial community to President Macri’s Administration.

Larraín congratulated Argentina for its new emerging market status and for the agreement entered into with the IMF.

The Minister of Treasury, Nicolás Dujovne, arrived today at Santiago de Chile and met with his peer, Felipe Larraín. At the meeting, they talked about fiscal issues. Larraín explained Chile’s experience in the “Fiscal rule of the country”, which allowed Chile to maintain a responsible fiscal path. Dujovne welcomed Chile’s contribution as guest country of Argentina’s presidency of G20 and its support in the process of Argentina accessing the OECD.

The following officials also participated in the meeting: Ariel Sigal, head of International Affairs; Fernando Jasnis, Undersecretary of Budgetary Administration and Normalization; and José Octavio Bordón, Argentine Ambassador in Chile.

During the afternoon, Dujovne will be holding a meeting with the President of Chile, Sebastián Piñera.
Finally, Mr. Minister will be participating in an event with Chilean investors.