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World Bank approves USD 300-million Loan for the “Northwest Road Development Corridor”

The Minister of Treasury, Nicolás Dujovne, met with the President of the World Bank (WB), Jim Yong Kim, and they analyzed the joint work that has to be done to promote growth and investment in Argentina. Both officials signed a new financing agreement with the International Bank for Reconstruction and Development (IBRD) for USD 300 million which will be allocated to the “Northwest Road Development Corridor” Project.

The loan is aimed at improving connectivity and road safety along the specific sections of the Argentine Northwest Corridor.

The primary beneficiaries of the project will be the users of the corridor. On average, 10,000 vehicles use the routes every day; 15% are heavy vehicles.

It is expected that logistics and freight operators will benefit from shorter travel times and operative costs and there will be an increase in comfort and an improvement in services and road safety.

At the meeting, Minister Dujovne thanked the support given to the economic program and said he was “very satisfied of having a strategic ally such as the World Bank” to continue with the process of change in Argentina. In addition, Mr. Minister thanked the World Bank for its collaboration within the framework of G20, which annual meetings are held this year in Argentina.

The President of the World Bank ratified his support to the reforms implemented by President Macri’s Administration and he highlighted the progress on social policy and infrastructure. Finally, Jim Yong Kim also highlighted the key role of Argentina in the region.

The International Bank for Reconstruction and Development (IBRD) is an international organization that supports the World Bank Group’s mission by providing loans, guarantees, risk management products, and advisory services to middle-income and creditworthy low-income countries.

Recently, the WB, within the framework of the agreement entered into with the International Monetary Fund, has made available to the country a fast-disbursing package of lines of credit for USD 1.75 billion to be disbursed in 2018 and 2019.