The Minister of Economy held a meeting with the CEO of the Saudi organization, Sultan bin Abdulrahman Al-Marshad. There, they signed the agreement that provides for a million-dollar disbursement that will be allocated to infrastructure works.
The Minister of Economy, Sergio Massa, agreed this Thursday the first investment for Argentina from the Saudi Fund for Development (SFD) for US$500 million dollars. The signature was given within the framework of the tour that the head of the Treasury is carrying out in Washington, where he will participate in the Spring meetings of the IMF and the World Bank.
The agreement was reached after a meeting that the head of the Palacio de Hacienda had with the Sultan bin Abdulrahman Al-Marshad, on his first day in the US capital. The destination of the money will be for works of infrastructure, reported from Economy.
During the meeting, Massa and Abdulrahman Al-Marshad, CEO of the Saudi Fund, agreed that the disbursement will be directed to the sectors of food health and energy. Among the projects, the Néstor Kirchner Gas Pipeline and the financing of electrical transmission lines stand out, as well as provincial Sovereign Guaranteed developments.
Both also agreed on the importance of continuing to strengthen the friendly and supportive relationship between the Kingdom of Saudi Arabia and the Argentine Republic, as well as constructive cooperation for development between the two countries.
The announcement was made within the framework of the negotiations that the head of the Palace of Finance has been carrying out with the Saudi government. In addition, it happens after the trip that representatives of the SFD They went to Buenos Aires last January to meet the requirements and agree on funding priorities for strategic projects in Argentina.
Previously, Massa He also held a meeting with the Finance Minister of Saudi Arabia, Mohammed al-Jadaan, in the framework of the G20 meetings, with whom he had already held a meeting in the framework of the summit held in India in February, where negotiations began.
Along with the negotiations with the Saudi fund, the Argentine authorities advanced with the financing from Eximbank for the purchase of the tubes for the construction of the second section of the Néstor Kirchner and La Carlota-Tío Pujio Gas Pipeline.
News in development
Source: Ambito
