The IDB extends a credit of US$ 800 million to Uruguay and Argentina: what is their destination?

The Inter-American Development Bank (IDB) issued a statement informing that it approved a Conditional Credit Line for Investment Projects of up to US$800 million for Argentina and Uruguay.

The destination of these funds will be the implementation of the Strategic Investment Plan to modernize the Salto Grande Binational Hydroelectric Complex (CHSG). The objective is to contribute to the decarbonization of the interconnected electrical system and to regional sustainable development, which will be essential for both countries to advance in their climate commitments.

The first individual operation of this loan will be for up to US$75 million for each country (a total of US$150 million). The operation will be to guarantee the reliability and availability of the hydroelectric complex, extend its useful life and its environmental and social sustainability.

According to IDB estimates in its statement, the project will benefit more than 17 million users of the interconnected electrical systems of Argentina and Uruguay.

Additionally, the populations of Salto and Concordia, the cities surrounding the CHSG, will benefit from the coastal protection works in the public spaces to be intervened.

Integration of the Southern Cone

The Santo Grande complex was the first binational project in the region, beginning the process of integrating electrical systems in the Southern Cone, which deepened with the entry of other binational projects. Argentina and Uruguay are members of the Energy Integration System of the Southern Cone Countries initiative, whose objective is to promote regional electrical integration, with the CHSG being a key element of regional electrical integration. This loan will be used to modernize the CHSG infrastructure and institutional strengthening, with a focus on digitization, inclusion, and regional development.

Regarding institutional strengthening, IDB reports that it seeks to improve digital corporate management, taking into account the incorporation of cybersecurity measures; carrying out technical studies that support the execution of the operation and preparation of a next stage of modernization and training for CHSG personnel in technical issues, management, promotion of gender policies and inclusion of people with disabilities and prevention of violence and workplace and sexual harassment. In addition, The loan seeks to promote local productive development by strengthening the capacities of suppliers in the region, contributing to job creation.

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