The disbursement is for an amount of $150 million and will be used to promote formal urban growth and planned in select citiesimprove the living conditions of households in selected precarious urban settlements and respond effectively before a Crisis or Emergency Eligible.
The project will be executed by the Ministry of Territorial Development and Habitatthrough the Coordination Secretariat, the Territorial Development Secretariat and the Habitat Secretariat.
In addition, the strategic evaluation activities of the project will be carried out by the Executing Agency in coordination with the Ministry of Economy. The decree empowers Sergio MassaMinister of Economy, to sign the IBRD Loan Agreement No. 9478-AR and agree on the modifications that are convenient for the execution of the PHAyS.
Dollars: the fine print of the Decree
Approves the IBRD Model Loan Agreement No. 9478-AR, between the Argentine Republic and the International Bank for Reconstruction and Development (BIRF) for an amount of $150 millionintended to finance the “Second Urban Land and Habitat Project (PHAS)”.
Empowers the Economy Ministeror to an official designated by him or her, to sign IBRD Loan Agreement No. 9478-ARas well as all other additional documentation related to the operation of said Loan.
Empowers the Economy Ministeror an official designated by him or her, to agree and sign modifications to the IBRD Loan Agreement No. 9478-AR, as long as they do not constitute substantial changes in the object or destination of the funds or result in an increase in their amount or introduce modifications to the agreed arbitration procedure.
Designates the Ministry of Territorial Development and Habitat as “Executing agency” of the “Second Project of Habitat and Urban Land (PHAyS)”, which will act through the Coordination Secretariat, the Territorial Development Secretariat and the Habitat Secretariat.
Authorizes the Ministry of Territorial Development and Habitat to carry out the strategic evaluation activities of the Projectin coordination with the Undersecretariat of International Financial Relations for Development of the Secretariat of International Economic and Financial Affairs of the Ministry of Economy, as responsible for technical-methodological advice.
In short, the decree approves an IBRD loan for $150 million to finance the Second Urban Land and Habitat Project (PHAyS). The project will be executed by the Ministry of Territorial Development and Habitat, through the Coordination Secretariat, the Territorial Development Secretariat and the Habitat Secretariat. The decree also authorizes the Ministry of Economy to sign the IBRD Loan Agreement No. 9478-AR, as well as any other additional documentation related to the operation of said Loan.
Source: Ambito
