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.