A group of Middle East Development Funds will invest US$ 1,000 million in the country to finance infrastructure works over the next two years, the Foreign Ministry announced Monday within the framework of the trade mission headed by Santiago Cafiero in the region.
“Sovereign funds from the Middle East confirmed financing for Argentina: US$ 1,000 million to invest in different infrastructure projects,” Foreign Minister Santiago Cafiero posted on his Twitter account.
The ratification of the financing was announced after a meeting in Abu Dhabi that the Argentine delegation held together with presidents and executive directors of companies and entities from the United Arab Emirates in a relationship event, at the beginning of the tour that will take place until on Thursday in the Middle East.
Sovereign Wealth Funds from the Middle East confirmed financing for Argentina: 1,000 million dollars to invest in different infrastructure projects.
The trade mission that we start today in Abu Dhabi is central in this context and strengthens our ties. pic.twitter.com/ynEDJEKQAL
– Santiago Cafiero (@SantiagoCafiero) March 14, 2022
Funds will total $550 million by 2022 and “potentially” another $450 million of approvals by 2023informed the Foreign Ministry.
“We have a great opportunity to attract new investment because our economies and our countries are complementary,” the foreign minister added.
Financing for the works will come from the Funds for the Development of Saudi Arabia, Kuwait, the Emirate of Abu Dhabi, Qatar and the Organization of Petroleum Exporting Countries (OPEC).
Although the works were not specified, the Secretariat for Strategic Affairs developed a coordinated effort with the funds to identify the strategic sectors to which the financing will be allocated.
Thus, The investments will be aimed at financing “the hydrogen agenda, climate change, energy generation and transmission, sustainable mobility, water and sanitation, housing, health and education.”among others, according to the Palacio San Martín.
They “are part of the government’s priorities in promoting the energy transition, territorial integration, logistics and sustainable mobility,” they pointed out.
Likewise, in the relationship meeting, in which Argentine and UAE companies participated, “Argentine technological capacities were disseminated in terms of energy transition, knowledge economy, satellite industry, biotechnology applied to human health and food safety, promoting conversations for the technological cooperation and the development of projects in conjunction with Emirati counterparts”.
After the event, the ministers of Science, Daniel Filmus, and Productive Development, Matías Kulfas, they carried out the panel “Argentine strategy and technological capabilities”.
About the tour in the Emirates
The trade mission, which includes the participation of national officials, governors and representatives of more than 35 companies, will take place until Thursday, and its destinations are the United Arab Emirates (whose visit will last until tomorrow) and Saudi Arabia (Wednesday and Thursday).
Among the objectives of the tour, the Government will seek to diversify the exchange with that region -currently concentrated in fuels, cereals and other primary products- positioning the sectors of energy transition, space science, biotechnology, information technology and the communication.
The national delegation is made up of the head of Argentine diplomacy, accompanied by governors Gerardo Zamora (Santiago del Estero), Raúl Jalil (Catamarca), Jorge Capitanich (Chaco), Gerardo Morales (Jujuy), and Ricardo Quintela (La Rioja). .
For its part, in addition to Kulfas and Filmus, the delegation is made up of the Minister of Tourism, Matías Lammens; the secretaries of International Economic Relations, Cecilia Todesca Bocco, and Tourism Promotion, Yanina Martínez; the Chief of Staff of the Foreign Ministry, Luciana Tito; and the general secretary of the Federal Investment Council, Ignacio Lamothe.
