The Inter-American Development Bank (IDB) and the Argentine government signed on Thursday (22.03.2018/830,5/XNUMX) financing agreements for XNUMX million dollars for infrastructure works, financial inclusion and institutional modernization, during the first day of the annual meeting of the multilateral organization that is taking place in the city of Mendoza, Argentina.
The financing agreements were signed by Argentina's Finance Minister Luis Caputo and IDB President Luis Alberto Moreno, who also announced financing for gender parity policies and strengthening growth, the Finance Ministry reported.
Innovational projects
- Capacity Expansion and Security Improvements Program for Access to Cristo Redentor Pass, in the province of Mendoza, which will have financing of 200 million dollars from the IDB and will have 15 million dollarsIt is a local contribution. The term will be 5 years of execution, a repayment with a grace period of 5,5 years and an amortization period of 25 years. "The works will improve the quality of service in the Cristo Redentor System Corridor, reducing transportation times and costs, through the construction of variants in urban areas and complementary security works in the Argentina-Chile Corridor," said Finance.
- Program for the Implementation of Argentina's National Strategy for Financial Inclusion will have a contribution from the IDB of 20 million with a 3-year term of execution; repayment with a grace period of 5,5 years and an amortization period of 25 years. "This financing will increase access and use of financial services for households and businesses through the National Strategy for Financial Inclusion and access to credit for Micro and Small Enterprises (MSEs) through the Social Capital Fund (FONCAP SA), a sub-executing agency that will channel credits to Microfinance Institutions," said the portfolio in charge of Caputo.
- Program to Improve the Management Capacity of the Federal Public Revenue Administration (AFIP) with 110,5 million, with a 5-year execution period; repayment with a grace period of 5,5 years and an amortization period of 25 years."The Program will strengthen tax collection and social security contributions, reducing compliance costs. In addition, it will improve service and attention to taxpayers, as well as management of the "foreign trade", according to official information.
- Support Program for Financing Productive Infrastructure in Argentina will 500 million, with a 5-year term of execution; repayment with a grace period of 5,5 years and amortization of 25 years. The project "will contribute to mitigating the risks that inhibit private financing for productive development, attracting a significant volume of private investment (institutional investors, international investors and other national or multilateral institutions)," highlighted the Ministry of Finance.
To date, the IDB finances 52 projects in Argentina for a total amount of 8.628 million in the country's productive sectors, transportation, infrastructure, energy, among others.
In addition, loan operations are expected to be approved for a total of 2018. 2.350 million for the financing of road and productive infrastructure projects, institutional strengthening (provincial fiscal management, AFIP))
Luis Caputo and@MorenoBID signed financing for more than USD 830 million for infrastructure and institutional modernization works. Watch the video of the press conference of the announcement. #BIDenMendoza pic.twitter.com/QHY5F7GpSF
— Ministry of Finance (@MinFinanzas) March 23th 2018
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