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Washington, DC, July 19, 2017
— IFC, a member of the World Bank Group, is providing a $150 million financing package to the Province of Cordoba to support its investment program on transport infrastructure aimed at improving urban mobility and connectivity. The financing package consists of an eight-year $100 million loan from IFC and a six-year $50 million loan raised by IFC from Santander.
The IFC package will finance the construction of 17 kilometers of new roads, underpasses and bridges to close the ring-road surrounding the capital of Cordoba which, when completed, will reduce travel time in about 50%. It will also finance the construction of an accelerated entryway from the ring road to the center of the city and the main intercity bus station, as well as to assess the opportunity to pave about 68 kilometers of roads in the Alpa Corral area, an emerging touristic zone. These projects will contribute to reduce traffic congestion, travel time, and transportation costs while also enhancing transportation efficiency within the metropolitan area and the Province.
In addition to financing, IFC will provide advisory services to develop technical studies for transport, water treatment, sanitation services and energy efficient street lighting. The Province of Cordoba is the second most populous in Argentina, with a 3.6 million people (8.2% of the total in the country), of which 40% live in its capital.
“Improving infrastructure and basic services for the population in the Province of Cordoba is at the top of our priorities,” said the Governor of the Province of Cordoba Juan Schiaretti. “IFC’s support to these projects will help improve the quality of life in the province, as well as promote economic growth and job opportunities. We value IFC’s global expertise supporting sustainable infrastructure development in Latin America and around the world.”
Irene Arias, IFC Director for Latin America and the Caribbean, noted, “This is the first step of IFC’s strategic engagement with the Province of Cordoba, a leading province in Argentina recognized for its commitment to improve public infrastructure and for maintaining fiscal discipline. We look forward to continue strengthening this partnership and supporting the Province’s development goals.”
These financing and advisory services to the Province of Cordoba are part of IFC’s Global Cities and Infrastructure program. IFC’s lending is provided on commercial terms and without sovereign guarantees. Over the past decade, IFC has invested more than $10 billion in 300 urban improvement projects and provided advisory services to cities in more than 60 countries.
IFC’s strategy in Argentina is focused on financing projects with significant development impact for spurring economic growth, innovation and job creation. Priority sectors include agribusiness, infrastructure and renewable energy; competitive manufacturing; strengthening long-term financing for companies, including SMEs; and helping improve investment climate for business start-ups and SME growth. For more information about IFC in Latin America and the Caribbean, visit
www.ifc.org/lac
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About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. Working with more than 2,000 businesses worldwide, we use our capital, expertise, and influence, to create opportunity where it’s needed most. In FY16, our long-term investments in developing countries rose to nearly $19 billion, helping the private sector play an essential role in the global effort to end extreme poverty and boost shared prosperity. For more information, visit
www.ifc.org
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