Thus, Argentina will receive from the multilateral organization US$435 million to promote energy development of the nation and to promote the Support Program for Knowledge Economy Exports.
IDB: the destination of the money
The objective of the thicker loan is to contribute to the decarbonization of the interconnected electrical system and regional sustainable development through the implementation ofl Strategic Plan of Investments for the modernization of the Salto Grande Hydroelectric Complex.
The Salto Grande Hydroelectric Complex is a binational dam located on the Uruguay River, on the border between Argentina and Uruguay. It is one of the largest hydroelectric dams in the world and generates around 20% of the electricity consumed in Argentina and Uruguay.
The IDB loan will be used to finance the modernization of the dam, including the construction of new turbines, the improvement of safety and environmental management.
On the other hand, the outlay for US$35 million is earmarked for the Knowledge Economy Export Support Programwhich aims to increase exports of the sectors that make up that sector.
The program will be executed through three components: human capital, development and adoption of new technologies based on artificial intelligence, and promotion of the internationalization of companies in the knowledge economy. The co-executing agencies for the program will be the Ministry of Science, Technology and Innovation and the Ministry of Economy.
Both provisions empower the Ministry of Economy to sign the loan contracts and agree to their modifications, provided they do not constitute substantial changes to the object or destination of the funds.
Source: Ambito
