CAF approved USD 1.865 billion to promote the development of infrastructures and social improvements in latin America

CAF, Development Bank of Latin America, ratified today its commitment with the development of Latin America by approving loans up to USD 1.865 million to seven countries in the region, to implement projects that contribute to improve water management, urban mobility, commercial connectivity, infrastructures, productivity and competitiveness, economic stability, and management of natural disasters.

The finanicng was announced during the CLVII Board session of the Institution, held in Buenos Aires, which included the participation of ministers of economy and finance of the countries of the region, presidents of central banks, high executives from the private banking system, Argentinean government officials, and the closing of the event was in charge of the President of the Republic, Mauricio Macri. 

The Argentinean President expressed his gratitude to Enrique Garcia, CAF's Executive President, for the credit organization's predisposition toward the country and, especially, for helping to support the Belgrano Plan, aimed at providing a historical reparation to ten northern provinces. In the presence of governors, government officials, CAF managers, and representatives of development corporations from several Latin American countries, President Macri stated, "What has been done and what we are understanding is really very important in this stage of Argentinean politics, that is, it is not the same to spend and to invest, what generates future is investment". 

President Garcia stated that "these loans are an important contribution for Argentineans to successfully achieve the main development challenges in their country. In addition, they reflect our commitment with an economic and social development that is inclusive and that improves the quality of life of all the inhabitants of the region". 

Also included in the closing of the Board's meeting were the Cabinet Chief, Marcos Peña; Minister of Public Finances,  Alfonso Prat Gay; Minister of Energy and Mining, Juan José Aranguren; Minister of Transportation, Guillermo Dietrich, and Minister of Agro-Industry, Ricardo Buryaile. Participants in the meeting included the governors of Buenos Aires, María Eugenia Vidal; of Entre Ríos, Gustavo Bordet; of Santa Fe, Miguel Lifschitz; of Misiones, Hugo Passalacqua; of Chaco, Domingo Peppo; of Córdoba, Juan Schiaretti, and of Salta, Juan Manuel Urtubey, and the Chief of Government of the city of Buenos Aires, Horacio Rodríguez Larreta.

Projects approved by the Board 

During the Institution's Board session, the following loans were approved: 

• Argentina:
  • Paseo del Bajo Project: USD 400 million to finance the construction of a7.0 kilometer road corridor in the city of Buenos Aires with the objective of improving urban mobility and efficiently integrating commercial transportation, especially in the area adjacent to the city's port and the Retiro station. 
  • Project for the Implementation of the Comprehensive Management Plan of the Lujan River Basin . Stage 1: USD 100 million to prevent high waters, management of water flows in a controlled manner, and moderate the effects of floods in the basin of the Lujan River, including ten districts in the province of Buenos Aires.
  • Project for the Construction of a Water Treatment Plant in the Districts of La Plata, Berisso, and Ensenada: USD 119 million to build a water treatment plant to address the demand for potable water and improve the efficiency of the provision systems in the districts of La Plata, Ensenada, and Berisso, in the Province of Buenos Aires. 

• Colombia:
  • Modern Cities Program and Infrastructure for a Sustainable Territorial Integration: USD 450 million to support public policy strategic actions to help improve the connectivity of the territories in a post-conflict scenario, promote sustainable urban development, and optimize Colombia's public transportation systems. 
     
• Ecuador:
  • Loan to Address the Emergency Resulting from the Earthquake: USD 100 million to support the Government in the processes to support and relocate the population affected by the earthquake, as well as the reconstruction and recovery of urban infrastructure and housing in the affected areas.  
     
• Bolivia:
  • Project for the Construction of the El Salto - Monteagudo Highway and the Cazaderos and Cazaderitos tunnels: USD 220 million to finance the construction of two important tunnels and one corridor that will favor the country's internal connection and regional integration with neighboring countries through the west-south corridor.  

• Panama:
  • Project for the Management of Residual Waters in Burunga and Arraiján Cabecera:  USD 95 million for the construction of a system for the collection and treatment of residual waters that will improve the quality of life of approximately 83,100 inhabitants of Burunga and Arraiján, of the Arraiján District in the Province of West Panama.  
     
• Trinidad and Tobago:
  • Loan to Support the Macroeconomic Strategy: USD 300 million to promote the consolidation process of the country's fiscal accounts, increase the efficiency of public expenditures, and induce a process to diversify the economy. 
     
• Uruguay:
  • Rehabilitation Program for Secondary and Tertiary Road Networks: USD 80 million for the rehabilitation and maintenance of 280 kilometers of the secondary and tertiary road network that connects rural areas with the coast. These roads are used to transport an important part of the country's agricultural and livestock production.