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The Government negotiates financing from Saudi Arabia

The Government negotiates financing from Saudi Arabia

In February, the foreign minister led a tour of the Middle East that resulted in the structuring of financing for different infrastructure projects for the development of Argentina for more than US$1,000 million in the next two years. Given the difficulty of obtaining other sources of financing, the Government seeks to accelerate and add disbursements from the Saudi Fund.

As detailed from the Foreign Ministry, “in the talks there were advances to finance specific works, but we still do not have confirmation that they will expand the current programming.” An important detail is that the Saudi Fund for Development has a capital of US$8.300 million and accumulated loans of US$16.200 million.

During the tour, the commercial matter. As explained in the Government, the opportunities to expand exports are focused on the agri-food sector, such as poultry meat, medicinal and pharmaceutical products. Also in dairy products, preparations for infant feeding, soybeans, eggs and fruits. 95% of Saudi Arabia’s territory is considered a desert or semi-desert, only 1.45% of the land is arable, making the country a net food importer.

Biotechnology Agreements

The pandemic accelerated the biotech race. This is a competition for which Argentina has potential due to its scientific and industrial development. A concrete example is that of the vaccine against Covid-19 made entirely in the country, which is undergoing clinical trials. Regarding this initiative, Foreign Minister Santiago Cafiero brought a relevant novelty from his tour: a pre-agreement for a transfer of technology to Saudi Arabia.

In the offices of Science and Technology they are enthusiastic about the progress of the initiative. They say that the project developed with the support of the State (UNSAM and CONICET participate) will not only serve to vaccinate Argentines starting next year and to eventually export the drug, but it will also open the door to boost the sector. “There is scientific and technological capacity, there is political will like never before to export knowledge and there is international recognition towards Argentina. This combination of factors is opening a window of opportunity for us, ”he explained to this outlet. Fernando PeiranoPresident of the National Agency for the Promotion of Research, Technological Development and Innovation.

As confirmed by official sources Ambit“the agreement provides the supply of ARVAC vaccines to the Saudi Ministry of Health for a minimum of 5 million units and also contemplates the possibility of expanding the supply in other areas of Saudi territory”. There will also be reciprocal support in the technology transfer process, which is why the company Prex Pharma, which signed an agreement with Pablo Cassará SRL, plans to invest some US$100 million to build a manufacturing site for biopharmaceutical products.

Source: Ambito

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