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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