Argentina greenlights UAE financing for aqueduct
Argentine President Mauricio Macri issued a decree authorizing a 293mn dirham (US$80mn) loan for Santa Fe province from the Abu Dhabi Fund for Development for construction of the second stage of the Desvío Arijón aqueduct.
Santa Fe's economy minister Gonzalo Saglione told local daily El Litoral that now the provincial government only has to sign the loan contract with the UAE fund and a guarantee agreement with the federal government to access the financing. The contract signing is expected for February.
The official said the loan carries 5% annual interest and has a 15-year payment period. "The disbursements will take place monthly as work certificates are issued," he said.
Work on the second stage of the aqueduct (in photo) began last month with a 2.6bn-peso (US$67mn) budget. The phase was divided into five contracts and entails 108km of pipelines, connecting with the now completed first phase.
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