IIC supports the city of Buenos Aires to improve road safety and connectivity
The project will support urbanization efforts and will help reduce travel time in downtown Buenos Aires.
BUENOS AIRES, Argentina– Today, President of Argentina, Mauricio Macri, Inter-American Development Bank (IDB) President, Luis Alberto Moreno, and Inter-American Investment Corporation (IIC) Chief Executive Officer, James P. Scriven, signed a financing package of $252.5 million with Autopistas Urbanas, S.A. (AUSA) to improve road safety and connectivity in the metropolitan area of Buenos Aires, Argentina.
The transaction shows the commitment of the IIC to finance more transportation projects in the region. The IIC will finance new upgrades of the metropolitan road network including the construction of a bridge connecting the Argentine capital and the city of Lanus. The financing package will also be used to relocate a segment of the Illia Highway that currently runs over the Barrio 31, an informal settlement located in downtown Buenos Aires. The relocation of the highway is a critical component of current urbanization efforts of this neighborhood. These investments will improve the quality of life of residents in those communities, enhancing mobility and reducing travel time for commuters.
The $252.5 million financing package includes an existing IDB Group loan of $128.1 million from 2014 and a new IIC loan totaling $24.4 million, as well as a syndicated loan of $100 million from Industrial and Commercial Bank of China (ICBC) and Federated Investors. The financing package allowed AUSA to access international commercial lending for the first time. It is considered one of the most competitive packages ever obtained by a company in Argentina in recent years, signaling the increasing appetite from international lenders in financing investments in the country.
In addition to long-term financing, the IIC offers a road safety product known as Highway+, designed and tested with technical cooperation resources to reduce road accidents and fatalities. The IIC is the only development bank that offers such a product for private sector operators, collaborating with clients when road safety challenges arise.
About the Inter-American Investment Corporation (IIC)
The Inter-American Investment Corporation (IIC), a member of the Inter-American Development Bank Group (IDB Group), is a multilateral development bank committed to supporting the private sector in Latin America and the Caribbean. The IIC finances sustainable enterprises and projects to achieve financial results that maximize social and environmental development for the region. With a current portfolio of $11 billion under management and 350 clients in 21 countries, the IIC works across sectors to provide innovative financial solutions and advisory services that meet the evolving demands of its clients.