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.