Chinese group announced that it will invest US$500 million to build two dams in Santa Cruz

In the midst of a new day of exchange rate tension, Sergio Massa met this Monday with representatives of the China Gezhoba Groupwho They announced that the company will disburse US$500 millions in the country destined to finance the construction project of the Santa Cruz dams.

From the Government they highlighted that the future disbursement, which will occur before June 30, in addition to allowing the financing of the works in execution, “It will have a positive impact on the BCRA’s reserves, in the midst of the loss of foreign currency due to the severe drought that the country has suffered in recent months.”

Summit with Massa

During the meeting, which took place at the Palacio de Hacienda, Massa congratulated the Gezhoba Group for having broken a record in terms of execution of the work last March.

The objective of the power generation project, they announced, is to start up the first turbine in the first quarter of 2025.

On the other hand, the minister announced that in the second week of May a technical team from the Argentine government will travel to China in order to speed up all the processes related to the financial program of the project.

Before the Chinese businessmen, Massa valued “the decision that we work together, consolidate the work, and above all, that we have the opportunity to access a disbursement of 500 million dollars in this second two-month period.”

The minister also highlighted before the representatives of Gezhoba for the disbursement of 480 million dollars at the end of last year, which contributed to the fulfillment of the reserve accumulation goals set for 2022, within the framework of the financial program with the IMF.

Edesur

Previously, Massa participated in the presentation of the plan for 278 works that the company Edesur will carry out in the next 180 days in 12 municipalities in the Buenos Aires suburbs.

During that event, in which he was accompanied by the company’s controller, Jorge Ferraresi, he maintained that in “It is in difficult battles that one most shows temperance and determination.”

“And we were taught that when faced with problems, think about solutions and move forward, never backwards,” Economy Minister Sergio Massa closed his speech. A strong message, which seeks to go beyond the occasion of the act.