CABEI approves US$60 million loan to Argentina for a social housing program
CABEI destines US$60 million to improve living conditions and create opportunities for 10 provinces benefitting from the “Plan Belgrano” in Northern Argentina.
Tegucigalpa, October 4, 2016. - In order to improve the quality of life of close to six thousand households, the Central American Bank for Economic Integration (CABEI) approved a loan of US$60 million for the Integral Habitat Program of the Republic of Argentina.
The CABEI resources will support the program to improve the habitat of families in the northern part of the country, living in the marginal neighborhoods and slums of urban areas. This will be achieved by promoting universal access to basic infrastructure, public spaces, community facilities, regularization of property titles, human development and community strengthening, declared CABEI Executive Vice President Attorney Alejandro Rodríguez Zamora.
The project will focus on marginal urban areas in the provinces benefitting from the “Plan Belgrano” for Northern Argentina: Salta, Jujuy, Tucumán, La Rioja, Catamarca, Misiones, Corrientes, Chaco, Formosa and Santiago del Estero.
The Bank will provide US$60 million of the program’s estimated cost of US$75 million, and execution is expected to be completed in 36 months.
The operation, which was approved by the CABEI Board of Directors, falls in the framework of the Bank’s strategic objectives that target strengthening human development and social infrastructure and promoting the Bank’s financial soundness through geographic diversification of the portfolio, as well as reaffirming CABEI’s commitment to supporting its member countries to carry out operations with innovative operational modes in favor of regional development, said Attorney Rodríguez Zamora.
CABEI funds foster research and education
Also noteworthy is CABEI’s recent approval of US$50 million for the “Argentine Program to Strengthen Research and Development Capabilities (PROFOCAID)” to support 370 research projects and the procurement of at least 100 specialized devices to promote research in priority areas for the country.
The identification of these initiatives strengthens CABEI’s strategy to support its member countries’ agendas, targeting increased competitiveness and improved quality of life for inhabitants and promoting the diversification of the Bank’s portfolio, said the CABEI Vice President.