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Signing a Loan Agreement of K.D 15,200,000 /- for financing the Interprovincial Aqueduct Santa Fe - Cordoba Project (Phase 1 – Block A) Project in The Republic of Argentina
A Tripartite Loan Agreement was signed today in Kuwait, between The Kuwait Fund for Arab Economic Development and The Government of Sante Fe / The Government of Cordoba with guarantee by The Republic of Argentina, whereby the Fund will provide a Loan of K.D 15,200,000 million (equivalent to about US$ 50Million), to assist in the financing of the Interprovincial Aqueduct Santa Fe-C?rdoba Project (Phase 1–Block A).
The Loan Agreement was signed on behalf of the State of Santa Fe, Governor of Santa Fe, Mr. Omar Perrotti, and on behalf of the State of C?rdoba, Governor of C?rdoba, Mr. Juan Schiaretti, while the Loan Agreement were signed on behalf of the Kuwait Fund for Arab Economic Development by Mr. Marwan A. Th. AlGhanem, Director-General of the Fund.
The project aims to supporting Economic and Social Development in the Province of Santa Fe and C?rdoba, covering the part's Coronda region (A) from the first phase of the Project, through the establishment of a new water system to provide sufficient, sustainable and high-quality drinking water from the Coronda River, to meet the increasing demand for water, which will contribute to the improvement of public health and the raising of living standards and social standards. of the region's population.
The Project consists mainly of the civil and electromechanical works, which includes, the Construction of a new Intake, treatment plant, main aqueduct, storage reservoirs, and expanding the existing distribution system serving Coronda City and the new house connections. The project also includes the Consulting services and the required land acquisition. The Project implementation is expected to be completed in mid-2025.
The total cost of the Project is estimated at about Argentine pesos 7.79 billion, equivalent to about Kuwaiti Dinars 23.59 Million. The Loan from Kuwait Fund will cover about 64.43% of the total cost of the project while the remaining cost will be covered by the Government of Sante Fe and The Government of Cordoba.
The signed Loan Agreement achieves parts of the sustainable development goals, including: the third (Good Health and Well-Being), the sixth (Clean water and Sanitation), the ninth (Industry, Innovation and Infrastructure), the eleventh (Sustainable Cities and Communities) and the seventeenth (Partnership for Goals).
The Loan represent the sixth Loan by Kuwait Fund, where the Fund previously provided 5 Loans to The Republic of Argentina. Totaling about 70 Million Kuwaiti Dinar to participate in financing in Water and Transportation Sectors, About 32 million Kuwaiti dinars have been withdraw from it, and about 13 million Kuwaiti dinars have been paid from it to date. This constitutes 39% of the repayment rate.