USD 1 billion for social and productive inclusion in Argentina.

(Buenos Aires, March 19, 2013).- In the Pink House, headquarters of the Presidency of the Republic of Argentina, eight Memorandums of Understanding were signed by CAF - development bank of Latin America- to finance more than USD 1 billion in favor of projects in different key areas for the development of the country. 

These agreements were signed by Enrique Garcia, CAF's Executive President, and Hernan Lorenzino, Minister of Economy and Public Finances. 

Enrique Garcia highlighted that in the past five years (2008-2012) the multilateral financial institution approved USD 4.851 billion for the country's development (the projects promoted by CAF in Argentina are framed within the investment priorities in key sectors, and with the greatest impact on the improvement of the quality of life of Argentineans". 

CAF's Executive President emphasized the need that the countries of the region increase their average rate of investment to achieve a higher, sustained, and quality growth "it is necessary that Latin America replace its current model of comparative advantages for one of competitive advantages, going from natural resources and low salaries to knowledge, value added, innovation, and technology". 

The agreements signed today allocate USD 250 million to the Regional Development Program II; USD 150 million to the Sanitation of the Norte Grande Infrastructure Program; USD 70 million to the Comprehensive Development Program of the National Space Sector, Phase I (CONAE); USD 50 million to the Argentinean Geostationary Satellite Telecommunications Program (ARSAT); USD 240 million to the Project to Extend the Useful Life of the Embalse Nuclear Plant; USD 162.5 million to the AySA Potable Water Basic Works Program; and USD 75 million to the Multiple Works in Municipalities Program, Phase III. 

The resources (USD 250 million) for the Regional Development Program II are aimed at increasing and optimizing the trafficability of the provincial road networks in the North of Argentina, generating a greater productive integration with the different regions of the country. 

Garcia highlighted the regional character of the Program, which "favors the Latin American integration in three of the IIRSA axis and contributes to improve the connection with neighboring countries" and  emphasized the Institution's continuous support to the development of Argentina "CAF has participated in the rehabilitation and construction of more than one thousand kilometers of roads, road and railroad pre-investment studies, and institutional strengthening of executing agencies".   

The second agreement signed, for USD 150 million, is for the Sanitation of the Norte Grande Infrastructure Program, which seeks to contribute to the sustainable economic development of the region through the construction of potable water and sanitation infrastructure. 

At the same time, the Comprehensive Development Program of the National Space Sector, Phase (CONAE), where CAF invested USD 70 million, seeks to develop the Argentinean scientific and technical capacity, and increase the country's productivity and competitiveness.   

In addition, USD 50 million were allocated to the Argentinean Geostationary Satellite Telecommunications Program (ARSAT), a project which implies the design, construction, and launching of a fleet of three geostationary satellites. This will allow Argentina to place its own satellites in geostationary orbits to provide a wide range of services that the industry currently offers. At the same time, the Argentinean sovereignty is reaffirmed through the preservation of its orbital positions, which is a priority for CAF's shareholder country. 

With respect to the Project to Extend the Useful Life of the Embalse Nuclear Plant, it contributes to the diversification of the energy matrix, improving the quality of life of approximately 3.5 million people whose energy services are provided by this Plant, and favoring the development of the Science and technology system in Argentina.