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Argentina - United States: Signature of Letters of Intent to fund projects

Wednesday 28 November 2018
Information for the Press N°: 
477/18

Today at the Palacio San Martín, Foreign Minister Jorge Faurie chaired the ceremony for the signing of Letters of Intent by the Overseas Private Investment Corporation (OPIC), which are intended to provide funds for various investment projects in Argentina.

The President and CEO of OPIC, Ray Washburne, signed the Letters of Intent with Faurie, with a view to fostering projects in Argentina. The agreements signed amount to USD 813 million and are expected to unlock USD 3 billion in infrastructure, renewable energy and logistics sectors, among others.

"The signing of the agreements is a very important sign of trust in terms of bilateral relations between our countries," Foreign Minister Faurie stated during the ceremony held in the Golden Room of the Palacio San Martín.

Faurie underscored that "investments are essential for Argentina" and that "Argentina is especially interested in participating in and providing funds for PPP projects, one of which will be initiated today." "Since 2010, Argentina has only received USD 10 million on investments from OPIC and, today, just one of the Letters of Intent to be signed amounts to USD 250 million in investments. But this will not be the only opportunity, there will be plenty of them. We have a lot of work to do in the future."

Under these Letters of Intent, which are a first preliminary agreement, OPIC will carry out all necessary technical evaluations to provide funds. OPIC is a financial institution of the United States Government which helps American companies expand into emerging markets.

"By supporting the development of high-impact sectors such as logistics and value chains, transport infrastructure and energy, these projects will be strong drivers of economic growth and stability in Argentina," Washburne stated in turn.

U.S. Ambassador Edward Prado, the Minister of Transport, Guillermo Dietrich; the Minister of Production and Labour, Dante Sica; the Secretary of Energy, Javier Iguacel,and representatives from the companies involved in each project were present at the ceremony.

OPIC has USD 29 billion in caital and projects running in more than 100 countries in the energy, infrastructure, agriculture, health, telecommunications and education sectors.

The Letters of Intent signed today are the following:

    Road Corridor C PPP Project (Buenos Aires-Mendoza): USD 250 million. Company: Astris Infraestructura.

    Ullum I, II y III Solar Power Project and Chubut Norte III y IV Wind Power Project: USD 118 million. Company: Genneia S.A.

    Vaca Muerta Gas Pipeline Project – San Nicolás: USD 350 million. Company: Tecpetrol and Transportadora de Gas del Sur.

    Cañadón León Wind Farm Project (Santa Cruz): USD 50 million. Company: YPF Luz.

    Expansion of Logistics Parks Project (Buenos Aires): USD 45 million. Company: Plaza Logística SRL.

 

Press Release No. 477/18

 

 

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