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IDB Programs in Argentina receive an additional $410 million

 

PROGRAM & PROJECT NEWS

Goals are environmental recovery in the Reconquista River basin and management of solid waste in urban areas. So far this year, the IDB has approved $790 million in loans for Argentina

23 July 2014 – The Inter-American Development Bank (IDB) has announced the approval of three new loans totaling $410 million for Argentina. The funds will be used to finance environmental recovery efforts in the Reconquista River basin and urban solid-waste management to benefit 6.2 million people, as well as sustainable development of the fishing and fish farming sector.

140723-pmwj25-argentina-IMAGEWith these transactions, so far this year the IDB has approved $790 million in financing for Argentina. Besides the sectors mentioned above, the Bank is acting to support technological development in Mendoza province, improve the competitiveness of regional economies and boost highway safety and mobility in the Buenos Aires metropolitan area.

The $230 million loan approved to support the Program for Environmental Clean-up of the Reconquista River calls for an integrated management plan that will help 3.1 million people and gives priority to investments to expand coverage of drinking water, sewer systems and waste water treatment; improve the integrated management of solid waste; improve the connectivity of and access to outlying neighborhoods that are hard to reach; and boost the operational management of the Conquista River Basin Committee through the development of management tools.

The $150 million loan to support the Integrated Solid Waste Management Program is aimed at reducing the amount of waste left in open-pit dumps and increase the amount placed in sanitary landfills that are designed, built and operated properly in urban and tourist areas and increase their recovery and value.

To that end, financing will go toward programs and initiatives with an eye to education, raising public awareness, the sorting of waste, collection, transport, transfer, assessment, recycling and the final destination of solid waste, benefiting 3.1 million people in 10 municipalities.

The $30 million in financing for the Sustainable Fishing and Fish Farming Development Program will help improve research, planning, administration, control and accounting of the management of maritime fishing resources with an eye on protecting the ecosystem. The financing will also support the development of fish farming in Argentina.

The $230 million loan to clean up the Reconquista River basin is over 24 years, with a grace period of six and a half. It carries an interest rate pegged to the Libor and is accompanied by a local contribution of $ 57.5 million.

The $150 million for urban solid waste management is over 24 years with a grace period of five and a half, and has an interest rate pegged to the Libor. The local contribution is $37.5 million.

Finally, the $30 million loan for the fishing and fish farming sectors is over 25 years with a grace period of five and a half. It also has an interest rate pegged to the Libor and a local contribution of $25 million.

Established in 1959, the Inter-American Development Bank (IDB) is a source of multilateral financing for sustainable economic, social and institutional development programs and projects throughout Latin America and the Caribbean.  More information about the IDB is at www.iadb.org.  For more about IDB projects, visit http://www.iadb.org/en/projects/projects,1229.html.

Source: Inter-American Development Bank