![Argentina increases its capital in CAF Argentina increases its capital in CAF](/media/29314/egarcia-kishner-argentina.jpg)
Argentina increases its capital in CAF
The CAF President said that Argentina’s decision to increase its equity demonstrated President Kirchner’s strategic vision of expanding and strengthening his country's presence in the ongoing South American integration processes. Argentina’s growing participation strengthens CAF's role as a key coordinator of the South American integration process, facilitating the promotion and financing of priority infrastructure integration programs and projects. These activities have a positive impact on the Argentine national economy and its relations with other South American countries, forging closer ties between the two major regional integration mechanisms: the Andean Community and MERCOSUR, García added.
Commenting on the importance for CAF of Argentina’s presence as a partner country, García said, "The US$75-million capital increase agreement we are signing today is a fundamental step in the process of strengthening Argentina's presence as a CAF shareholder, and a renewed commitment by the institution that I head to continue supporting this country’s infrastructure investment programs consistent with the South American and Latin American integration strategy that we share." In this context, the Corporation recently approved a US$210-million loan for partial financing of the "Yacyretá Hydroelectric Complex Termination Plan on December 6."With the agreement, the Republic of Argentina now has access to CAF financing up to US$600 million for regional integration projects. Currently the CAF Action Program in Argentina for the 2006-2007 period, in process of revision and consensus with the authorities, is expected to consider major integration infrastructure projects, such as the Paraguay-Paraná Waterway, the reestablishment of the Los Libertadores Jujuy-La Quiaca Rail Corridor; various priority projects included in the National Energy Plan and the Road Integration Corridors Program-Phase II, among other integration infrastructure activities prioritized by the Argentine government.
Argentina joined CAF as series "C" shareholder (non-member of the Andean Community) in 2002. In 2003 the Corporation began operations in the country with the approval of a US$150-million loan in the framework of the South American Regional Infrastructure Integration Initiative (IIRSA) to partially finance the Integration Corridors Program - Phase I currently in process of disbursement, which has an impact on physical integration inside the country, as well as on road links with Brazil, Bolivia and Chile. Other operations approved later were a US$35-million loan to finance the execution of the project for the La Picasa Railway Viaduct and Strengthening the Rail Sector, with the objective of rehabilitating an important section of the Buenos Aires/Mendoza line which is part of the IIRSA MERCOSUR-Chile Integration Hub, and a US-$35 million line of credit in favor of the Argentine Investment and Foreign Trade Bank (BICE) to support trade with the countries of the Andean Community.CAF's more recent content
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