OPIC Announces Financing for Road Infrastructure in Argentina
September 5, 2019
(OPIC)
BUENOS AIRES – The Overseas Private Investment Corporation (OPIC), the U.S.
government’s development finance institution, today announced that its Board
of Directors has voted to approve $400 million in financing to rehabilitate and
expand the Corredor C Toll Road, an essential trade route for Argentina’s
economy.
David Bohigian, Acting President and CEO of OPIC, made the announcement during a
visit to Argentina led by Deputy Secretary of State John J. Sullivan and USAID
Administrator Mark Green to promote the White House-led Women’s Global
Development and Prosperity (W-GDP) Initiative.
“Safe highways and road networks that support commerce are critical to
creating a healthier economy for the people of Argentina,” said OPIC Acting
President and CEO David Bohigian. “OPIC financing will support the
rehabilitation of this major route, increasing opportunities for trade while
reducing accidents and fatalities.
"This is an important project, and we are glad to see it move forward,” said
Deputy Secretary of State John J. Sullivan the State Department Board Member on
the OPIC Board of Directors.
Argentina relies heavily on its roads to transport livestock, goods, and
services across the country, but it ranks 106 out of 137 countries in
infrastructure quality and 96th in road quality. The project will rehabilitate
and expand the existing 876-kilometer Corredor C Toll Road that connects the
Provinces of Buenos Aires, Santa Fe, Córdoba and Mendoza with each other and
with the Chilean border. It also includes the construction of two new bypasses.
Further, the project is expected to improve traffic conditions – decreasing
travel times and reducing accidents and fatalities – as well as decreasing
vehicle operating costs by as much as 92%.
OPIC’s support of the project will contribute to increased economic
development and commerce within Argentina, and with Chile. Commercial flow
between the two countries is $3.9 billion per year and approximately 80% of this
trade is transported via Corredor C, which connects to the principal border
crossing, Paso Internacional Libertadores. The toll road is the most direct land
route used to reach the Chilean ports to serve international markets.
Project bids were awarded under a transparent, competitive process. OPIC
requirements stipulated the project must adhere to the Government of
Argentina’s Integrity Framework. The project supports the broader U.S.
government initiative America Crece – or Growth in the Americas – which
seeks to catalyze investment in energy and infrastructure in Latin America and
the Caribbean. The project also aligns with the Government of Argentina’s
efforts to address its infrastructure deficit through public-private
partnerships.
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